DMP mutual support thread part 13 !!

Puzzcat

Dandytf wrote: »

Is it true that once dmp is finished and eventually when defaults are removed (from the 6 years)
When does the sometimes mentioned additional 6 years be added and why.
Only asking as I know my last default will be off 2022 I think though the thought of that becoming 2028 for credit rating to recover is chilling indeed.

Willing2Learn wrote: »

Hi Dandytf,

I'm a little confused by your query. There is no additional six years. The defaults are removed from your CRA records six years from the date of default.

I think Dandy your confusing the default falling off after 6 years which they do but if you have any debts that are not defaulted then they will continue to show for 6 years after you have paid the debt off ie; Ap markers/late payment etc.

I have one of these pesky one's but can't do anything about it..

Puzz. x

Dandytf

I thought some kind of DMP marker could be placed on credit file which could last +6 years and credit providers could then know a DMP had been in place and continue to have negative effect.
If not and all be comes well with good payment history then that's excellent news.
Thanks all reply's

Willing2Learn

I assume you are both aware of the ICO guidance linked in the thread below:
https://forums.moneysavingexpert.com/discussion/5598629/punished-for-dmp

It is only guidance though. But from feedback on this forum, members have often been successful in arguing the case for backdated defaults to be marked, instead of AP markers...

[Deleted User]

Hi all,

First of all... thank you! The posters on here have reassured me immeasurably this weekend without even knowing. I cannot thank Soucrates enough for taking the time to post such detailed, informative responses on this thread.

I am 28 and have managed to amass £14,000 worth of debt across numerous creditors. Like most people, it weighs heavily on me but the last few months have resorted in going hungry, visiting food banks etc etc whilst trying to keep up with ever-growing cycle of late-payment charges, interest etc. I am employed full-time and thought.. enough is enough. Having weighed everything up, I have embarked on a DMP with StepChange. I'd love to be confident enough to self-manage but it isn't right for me currently.

I've learnt from this thread that I should set up a new bank account with a company I have no debts with and redirect my income to this. A couple of posts have suggested Nationwide... just wondering if there are any others I should think about? I've also learnt about an emergency fund and writing to all my creditors to say I've made contact with StepChange and they will be in touch.

Sorry to be a pain but am I missing anything else? I'm conscious of not wasting anyone's time so have tried to read up as much as possible.

Many thanks for the support you continue to give me! Hopefully, over time, I can contribute to this thread during my journey and give back in a small way.

Sophie

Puzzcat

Willing2Learn wrote: »

I assume you are both aware of the ICO guidance linked in the thread below:
https://forums.moneysavingexpert.com/discussion/5598629/punished-for-dmp

It is only guidance though. But from feedback on this forum, members have often been successful in arguing the case for backdated defaults to be marked, instead of AP markers (with additional six years)

Been there, done that, wasn't upheld by fos or ico...they agreed with creditor even after it was sold on...They are only guidelines..

Puzz

sourcrates

Sophiechatters wrote: »

Sorry to be a pain but am I missing anything else? I'm conscious of not wasting anyone's time so have tried to read up as much as possible.

Many thanks for the support you continue to give me! Hopefully, over time, I can contribute to this thread during my journey and give back in a small way.

Sophie

Hi,


List of basic account providers can be found here :


https://www.moneysavingexpert.com/banking/basic-bank-accounts/


Aside from that, an emergency fund is a must, as you won`t have access to credit should something need replacement, the normal process is to take some breathing space and save up the money you would of paid to creditors.


You can still do this, just ask stepchange to postpone your arrangement a few weeks or so.

Queen_of_Swords

Suseka97 wrote: »

The reason I mention this is because its really up to you and if you think you can keep your spending in check and not rely on or use that overdraft - having a standard account is fine, in my humble opinion. Also maybe you could open the Flex account and just tell them you don't want any overdraft facility - just a thought.

I have done this online just now and asked for no overdraft. it will take 7-10 days to get card etc. I will then arrange switch over etc. I know I need to do this but am dreading the process of starting the DMP. I take it I wait until this new account is up and running before starting the ball rolling with Step Change? Sorry to be asking stuff again- I do appreciate all this advice and support.

cheesypuff

I have been in a debt management plan for 9yrs now and still owe over £15000, as the debts are so old what do you think my chances would be off getting full and final settlements? Quite a few of the debts are for small amounts ;

Creditor
name Account
number Estimated
balance ? Status
WESCOT CREDIT SE... £8,865.09
WESCOT CREDIT SE... £2,422.76
IDEM CAPITAL SEC... £905.53
LINK FINANCIAL O... £740.51
CABOT FINANCIAL ... £725.02
IDEM CAPITAL SEC... £601.21
IDEM CAPITAL SEC... £456.53
HOIST - TESCO £424.77
LOWELL -£369.30
What would be the recommended % to offer
Only on the smaller balances? Couldn’t find any threads on this

sourcrates

cheesypuff wrote: »

I have been in a debt management plan for 9yrs now and still owe over £15000, as the debts are so old what do you think my chances would be off getting full and final settlements? Quite a few of the debts are for small amounts ;

Creditor
name Account
number Estimated
balance ? Status
WESCOT CREDIT SE... £8,865.09
WESCOT CREDIT SE... £2,422.76
IDEM CAPITAL SEC... £905.53
LINK FINANCIAL O... £740.51
CABOT FINANCIAL ... £725.02
IDEM CAPITAL SEC... £601.21
IDEM CAPITAL SEC... £456.53
HOIST - TESCO £424.77
LOWELL -£369.30
What would be the recommended % to offer
Only on the smaller balances? Couldn’t find any threads on this

Before you start throwing money around, send CCA requests to all your creditors, see if they have compliant paperwork, or not.

Nine years is a long time on a DMP, i take it you have assets to protect ?

cheesypuff

Hi
Thanks for replying sorry for my ignorance but what are CCA’s? How would I go about doing this? I have just noticed it will actually be 10 years in May. Yes I have a house and car they won’t come after these will they?:(