Self managed dmp

Bradslad7

Hi I have switched onto self managed dmp and after working some overtime I am looking to pay one of my smaller debts off in full with very. Few queries I have, my payments managed by direct debit via a debt company to very have been marked down on my credit filed as missed payments for over 12 months. Very and the debt company have confirmed I have not missed any payments since it was set up with stepchange and switched over to self managed and is upto date. After speaking to very, they said to speak to the debt management and they say to speak to very over this... My question is am I entitled to ask them to rectify the credit report and remove the missed payment and if they don't who do I contact if either continue to pass the buck to each other.. I am reluctant to pay the remainder off until this is sorted really but I'm unsure if I can insist or query this, can anyone help?

RAS

Based in your comment it looks like you set up the DMP without waiting for all the debts to default?

If you have been paying a reduced sum (which a  DMP suggests), then you should expect an Arrangement to Pay marker. This stays on your credit record for 6 years after the debt is cleared.

A default falls off your record 6 years after it was issued.

sourcrates

When you stop making the monthly contractual payments on your debts, such as when you enter into a DMP, then obviously you are paying less that the contracted minimum, so your account will naturally be marked as in arrears.

Only contractual repayments are recorded on your credit file, arrangements to pay are not, once an account defaults, that status take precedence.

You should expect your debts to all default or be marked as AP, its standard procedure in debt management when you fail to pay what your original agreement demands of you.

Obviously you were not aware of this, when you mention "debt company" can we assume from that you have been paying a fee for your DMP?

If that is the case then those kind of companies are not working in your best interests, and it is clear that the repercussions of debt management were not fully explained to you at the outset.

FCA guidance is that a default should be registered after between 3/6 missed contractual payments, you should send an official complaint to Very, stating the above, ask them to default your account as per guidance, and backdate it to when you first entered debt management.

You ideally want all accounts to default, so you have a clear 6 year window till your file recovers.