DMP and credit file clarity

DebtFreeWannabe88

A little DMP clarity required…

Hi all,

Ive been with SC in a DMP since December 2019 and as of now my estimated completion date is May 2034.

in the new year I intend on seeing how I can maybe clear some of the smaller accounts on there in full so my payment is focussed on the larger debts and in my quest to understand properly I came across the forum (I wish I had before entering the DMP tbh but hey ho here we are…)

I used CMF to get a copy of my report to see how it’s looking as we are due to remortgage early next year and after reading the pages of this forum and reviewing the data I’m wondering if it’s all ok in terms of my default dates etc and if not should I be taking any further action to question anything. I hope someone who has a better understanding can assist and offer any advice if necessary?

The different agencies have differing information regarding my debts and some even state DM or AR which I’m understanding after reading the four I’m isn’t the ideal markers to have? Why is this?

My debts are showing as follows:

Intrum; ( small balance of £22 can I just clear it?)
Eq shows as all payments as OK
Ex shows as all OK
TU shows all pmnts as DM

Lowell
from June 2020 shows as 1,2,3,4,5,6,6,6,6,6 and then from the until now shows as OK, no Default with all 3 credits agencies 

Klarna Bank 
Ex shows as OK the whole time, no missed or defaults 
TU shows as AR from march 2020 until present day

Paypal credit ( now with moorcroft but that’s not shown on the file)
Ex shows as U from Jan 20 till now
TU shows as D from March 20 until now

intrum ( biggest debt Tesco loan)
Eq shows D in march 20 and then from April 20 until present day shows U
Ex shows as D from march 20 until Dec 20 and then no more record
TU shows it as DM from Nov 21 until now 

Amex with AIC
shows as D from march 20 until now with all 3 credit agencies 

Next with Brecon debt recovery
Eq shows a D in March 20 and then U till present day 
Ex shows D from April 20 u til present day 
TU shows AR in feb 20, DM in March and April 20 and then D from May 20 until present day 

Do any of these stand out as needing further action? I understand the default ones will drop off 6 years after first D registered but what about the ones that say OK, DM or AR?

also where do I stand in paying the smaller balances off in the new year? Is it better to just settle the full balance rather than asking for a negotiated F&F pmt that will show as partially settled on my file?

TIA for assistance - apologies for the mammoth post!

DebtFreeWannabe88

The plot thickens - I’ve just pulled all this information onto my spreadsheet of what I owe to who, and two of my debts aren’t even on my file!! Good or bad thing? 

MovingForwards

Cancel your CMF access before the free trial expires. You can access free reports via clear score, credit karma and MSE credit club, sign up to all of them as different companies report to different credit agencies.

D = default, great from a being in debt point of view, not good when wanting a remortgage. It falls off 6 years after the date it was put on, whether the debt was paid or not.

AR = arrangement to pay, that's a bad one as it stays on for 6 years after the debt is settled. Lenders don't like them.

DM = debt management, it's a newish marker and I don't know how long they stay on after the debt is paid.

U = means no info, so negligible.

Ok = means it's fine.

You'll probably have to look at picking a new fixed rate with your existing lender as that's generally tick what you want and accept it. A remortgage to a new company will involve full credit checks, income and outgoings etc and your credit history / being in a DMP could cause issues.

It might be worth posting on the mortgage board and seeing what the resident brokers say. Only list it as x number of defaults, with the newest being Y date, same with the others. You'd also need to say income, total debt and whether there's nursery fees, if you OH has debts, car payments etc for a more clear idea of potential options.

SC are funded by banks etc and they have to treat all the debt owners the same. There's nothing stopping you calling one of the creditors to pay the balance off, then telling SC it's been done.