Devastated

cvm_2

Hi all,
I've been on a DMP since July 2015, 5 defaults registered, 3 due to drop off in July 2021 so not long to go. However, Virgin Money won't move their default marker from Sept 2016 and the financial ombudsman have agreed with them. This is annoying but the one that is really devastating, hence title, is that TSB won't move their default marker from July 2017 and financial ombudsman has also agreed with them. I just feel sick about it all as this means that this default will be on my credit file long after my DMP has been paid in full and my history of missed payments etc with TSB will be on my credit file for a total of 8 years which just seems so cruel.
I know getting into financial trouble is my own fault etc etc, but I've paid back 15k already with another 8k to go and havent had any missed payments or anything since I started DMP in 2015. 
I've just turned 40 and live in an awful flat in a horrible area but have managed to get a great job and my salary has increased a lot in the last 5 years, but just still feel so trapped by historical mistakes. 
Sorry, just wanted to have a rant about it all. No-one in my life knows about my DMP (I'm single) so it sometimes feels very lonely. 
Thanks for reading. 

D3xt3r5L4b

Defaults are removed 6 years from the date they are applied.

Not sure where you’re getting 8 years from?

cvm_2

D3xt3r5L4b said:

Defaults are removed 6 years from the date they are applied.

Not sure where you’re getting 8 years from?

I meant that the history of bad credit will be 8 years in total so markers of missed payments etc before the default was eventually applied then 6 years for the default. 

sourcrates

It’s only an issue if you want to borrow more money, after so long in debt management, that would not be my first thought, once bitten, twice shy as they say.
Time will heal your file, don’t be too keen to do it all again.

cvm_2

Thanks for your reply. 
I don't think I'll every have a credit card or overdraft ever again. The only thing I would like to do is to move to a decent area as the one I live in now is so awful. 

SpreadableToast

If the FOS agree with them you've got no chance really.  They're (in my opinion) overly consumer-centric so if they don't agree with you I wouldn't expect anyone else to either.

John_

What do you think is incorrect about the markers?

MovingForwards

There is life after debt.

I've got savings and have 2 CCs (1 sub-prime, the other with my own bank; felt so wrong having one when I first got it). I now only use the one from my bank. I'm still waiting for a few defaults to drop off this month, my CCJ to drop off next year and an ap marker in another 4 years (that stays on for 6 years from the date it was paid off).

I now have a mortgage and my own home as I saved hard each month, then tightened my belt even more after moving to my last rental; that was one heck of a hell hole thanks to the neighbours, area wasn't good either.

cvm_2

MovingForwards said:

There is life after debt.

I've got savings and have 2 CCs (1 sub-prime, the other with my own bank; felt so wrong having one when I first got it). I now only use the one from my bank. I'm still waiting for a few defaults to drop off this month, my CCJ to drop off next year and an ap marker in another 4 years (that stays on for 6 years from the date it was paid off).

I now have a mortgage and my own home as I saved hard each month, then tightened my belt even more after moving to my last rental; that was one heck of a hell hole thanks to the neighbours, area wasn't good either.

Thank you for your reply. Well done for getting yourself out of it - I hope to follow in your footsteps.

MalMonroe

I do agree with MovingForwards, there IS life after debt. There's no need to be devastated.

I was in a very bad place 7 years ago and with the assistance of one of the free debt help agencies, took out a DRO. Things were tough for a few years but now things are so much better. I do have a credit card but pay it off in full - as Martin suggests - each month because lenders DO look at whether or not you can handle money well, that you can have a credit card and you can pay it off regularly. Sometimes having no credit can actually work against you. You need to let lenders know you're a responsible borrower. However, that's for the future.

You also have the benefit of age. I was 63 when I took out my DRO. Imagine my shame, doing it at that age! 

Once you get your debt paid off and everything is sorted out and everything drops off your credit report, you definitely WILL be able to have a fresh start. But then you will be a bit older and wiser and will have the experience needed to get, and keep, things on track and get yourself out of that flat. 

My advice would be just take one thing at a time, it's not really that long until things drop off your credit file, you are young enough to start again and although you feel as if everything is on your shoulders and you can't bear it, I can see so many positive factors here. You've managed to get yourself a great job with a good salary. (In spite of having had financial troubles). You are paying off your debts. You need to start patting yourself on the back a lot more instead of hitting yourself over the head (metaphorically speaking, of course!)

You're almost there, you're getting everything sorted out, so please have faith in your own ability, it seems to me that you have ability in spades. It's a pity that nobody else knows about this because they could give you encouragement, you are on the way to success now, so stop looking backwards because you aren't going that way!!

Shakin_Steve

MalMonroe said:

I do agree with MovingForwards, there IS life after debt. There's no need to be devastated.

I was in a very bad place 7 years ago and with the assistance of one of the free debt help agencies, took out a DRO. Things were tough for a few years but now things are so much better. I do have a credit card but pay it off in full - as Martin suggests - each month because lenders DO look at whether or not you can handle money well, that you can have a credit card and you can pay it off regularly. Sometimes having no credit can actually work against you. You need to let lenders know you're a responsible borrower. However, that's for the future.

You also have the benefit of age. I was 63 when I took out my DRO. Imagine my shame, doing it at that age! 

Once you get your debt paid off and everything is sorted out and everything drops off your credit report, you definitely WILL be able to have a fresh start. But then you will be a bit older and wiser and will have the experience needed to get, and keep, things on track and get yourself out of that flat. 

My advice would be just take one thing at a time, it's not really that long until things drop off your credit file, you are young enough to start again and although you feel as if everything is on your shoulders and you can't bear it, I can see so many positive factors here. You've managed to get yourself a great job with a good salary. (In spite of having had financial troubles). You are paying off your debts. You need to start patting yourself on the back a lot more instead of hitting yourself over the head (metaphorically speaking, of course!)

You're almost there, you're getting everything sorted out, so please have faith in your own ability, it seems to me that you have ability in spades. It's a pity that nobody else knows about this because they could give you encouragement, you are on the way to success now, so stop looking backwards because you aren't going that way!!

No need for any shame, in my opinion, these things can happen at any age. I admire you for not giving up and being able to see a future, a lot of people may have just given up. I'm in my sixties and I'm not sure I'd have been able to muster the strength to go through such a long process. Well done.