DMP - help with recording of debts...
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jerseyluke
Posts: 10 Forumite
Happy Xmas to MSE DFWs and wishing you all every success for the coming year!
I started a self managed DMP in October this year and so far, it's gone really well. All of my creditors have played ball and all accepted their respective repayment offers. My question is now more set on limiting the impact of the DMP on my financial future.
At this time, my DMP will end in last quarter 2019 to Jan 2020 as I benefit from a reasonably good income and with the frozen interest and charges, can make good inroads to my debt. At the moment, all my debts are being recorded with AP markers. Based on the fact it will be less than 6 years for my plan, is this the right way forward or should I withhold payment to induce default? I've read conflicting information as to which is preferable...
Creditors within the DMP are: RBS, Barclaycard, 118 Money, Aqua, Marbles and Vanquis.
Thanks for any help you can offer :-)
I started a self managed DMP in October this year and so far, it's gone really well. All of my creditors have played ball and all accepted their respective repayment offers. My question is now more set on limiting the impact of the DMP on my financial future.
At this time, my DMP will end in last quarter 2019 to Jan 2020 as I benefit from a reasonably good income and with the frozen interest and charges, can make good inroads to my debt. At the moment, all my debts are being recorded with AP markers. Based on the fact it will be less than 6 years for my plan, is this the right way forward or should I withhold payment to induce default? I've read conflicting information as to which is preferable...
Creditors within the DMP are: RBS, Barclaycard, 118 Money, Aqua, Marbles and Vanquis.
Thanks for any help you can offer :-)
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Comments
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AP markers stay on your credit file 6 years after the debt has been satisfied.
Whilst defaults stay on your file for 6 years, then drop off, regardless of what you do.
So if you settled your debts in 5 years time, they would still show as AP for a further 6 years, so 11 in total, which is not good.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
So I should contact my creditors and ask them to default me instead?
Doesn’t that make CCJs more likely? I’m making payments to them all now on accepted payment plans. I always thought they auto defaulted after 6 months anyway but I’m guessing this is wrong?
Thanks
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