Tidying Up Credit File Help

catgotmytongue

A few questions :

I have an Aqua debt defaulted June 2017 and sold on to Cabot who I am paying through a DMP. My Credit Report shows the Aqua account still open with the original amount outstanding at 3 months late. No default showing. The Cabot side of it shows the remaining balance which is less now and a default. Should the Aqua debt now show as closed/defaulted with a 0 balance. This is how my other debts in my DMP appear that have been similarly sold on.

Half of my debts on my DMP have been defaulted but the others are showing as being on a DMP. Would it have been better for them all to default me as I understand that after 6 years the defaulted accounts fall off your Credit Report but the others will fall off 6 years after then have been paid off in full.

I am due a PPI cheque very soon. My DMP company would expect me to spread this across all debts, however I would rather tackle a couple with a F&F if possible to get rid of them. Is this a stupid idea?




Thanks for any replies/advice.

Willing2Learn

catgotmytongue wrote: »

My DMP company would expect me to spread this across all debts, however I would rather tackle a couple with a F&F if possible to get rid of them. Is this a stupid idea?

Firstly, I wanted to check that you were not paying a debt management company for something that you can get for free.

I personally found it easier to self-manage. It meant that I didn't have to stick to the rules dictating that settlement offers should be made to your creditors pro rata. I just made offers to my creditors that seemed reasonable, rather than pro rata.

catgotmytongue

Hi. Thanks for the quick reply. I am thinking along these lines myself. I had a nervous breakdown and think that handling it now myself and seeing the ones I can tackle disappear will help my Mental Health enormously.

I am not paying anyone for this I went through a debt charity (don't know if I can name them).

catgotmytongue

How easy would it be to start dealing with all my debts myself. Would I have to go through income and expenditure again with each company? Would it be as easy as getting all the bank details from my current Debt Management Company?

Thanks

Willing2Learn

Hi,

Have a look at the NEDCAB website. It gives full guidance on how to self-manage. It will also auto-generate letters for you.

Your creditors will provide you with their account number and sort code so that you can set up Standing Orders.

https://nedcab.cabmoney.org.uk/dmp.asp

catgotmytongue

Would it be worth asking for the debts that have not defaulted to do a backdated default so they disappear more quickly from my credit file? Or is this a daft question?