Feeling panicked - defaults and AP’s

Hi, hoping someone can share stories or offer some advice…

I started a DMP around 6 months ago and it has been going well. I felt okay with the fact me and my husband would chip away at our DMP and hopefully our credit file could recover after 6 years when things drop off  - I felt sick to my stomach today to learn that only 3 of my five cards have defaulted and the other two are AP’s, from my research it seems the AP’s aren’t removed until 6 years after the debt is settled - but in our case that will be a VERY long time on our DMP. Feel so worried about the future and whether this will prevent us from ever moving house in the future again/ever recovering financially. The ones that are AP’s are Lendable loan, Very and a Monzo overdraft :-( 


  • [Deleted User]
    [Deleted User] Posts: 0
    First Anniversary First Post Name Dropper Photogenic
    edited 5 November 2023 at 6:08AM
    Focus, now, on the chipping away, it seems like breadcrumbs now but it'll soon start to look better.

    It's difficult to take the emotion out of debt but do try, this next couple of months will seem like a horrible time to be repaying instead of spending but once your repaying plan is firmly in your psyche you'll feel a lot better.
    Let immediate family know this and that'll make you feel better about this period. 

    Paying back money you've spent is really hard work and gets much respect from us who've been down that road ourself.

    And yes, you'll move house again, look at the bigger picture and give yourself some praise that you're tackling this.
  • Emzvic2020 said

     I felt sick to my stomach today to learn that only 3 of my five cards have defaulted and the other two are AP’s

    Just ask them to default the accounts.
  • fatbelly
    fatbelly Posts: 20,232
    Name Dropper First Anniversary First Post Cashback Cashier
    Lenders think they are being kind by putting AP markers on. We beg to differ. Which is why on the dfw board we advise not to start a payment plan until you have the default
  • nic_c
    nic_c Posts: 2,928
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    It is possible to get the AP accounts defaulted and the default date retrospectively moved back to when you defaulted on the contractual arrangement. However if you are still paying them off currently then concentrate on clearing the debts.

    AP's are more for short term when you might be able to recover, if you are ever unlikely to be in a position to clear missed payments, then you may as well get them defaulted. Speak to your local CAB or debt charity and they probably can help.
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