First time DMP Questions - scared and unsure

sourcrates

jones98746 said:

What is the best way to monitor when my accounts have defaulted, or will creditors write to inform me? 

Are there apps which show your credit file, which are the best?  Thanks

Guidelines state your account can be defaulted after between 3/6 contractual repayments are missed.

Section 87 Consumer Credit Act covers defaults, statutory notices must be sent by the lender to the debtor, so a formal notice will be sent, asking you to remedy the breach to your account within 14 days, if you fail to do so a default will be registered on your credit file.

Obviously no action should be taken, you just allow the process to complete.

After default, your account may be assigned to a debt collector, it may be sold, or it may be handled by the original creditor, or a mixture of the above.

In all cases you will be written too, informing you of the debts status.

Your credit file can be viewed on various 3rd party sites, but the main CRA are:

Credit Score & Credit Reports at Intuit Credit Karma™ UK

Experian | Credit Scores, Reports & Credit Comparison

Equifax UK | Credit Scores and Credit Reports

Rob5342

jones98746 said:

If I just stop paying, I am worried about bailiffs and debt collectors, will this happen?

If you go for a DMP then a debt collector will probably be involved at some point, but they sound worse than they actually are. Normally you'll just get a friendly sounding letter saying they want to help you make affordable payments, and as long as you engage with them and pay something then they'll normally be satisfied.