Cccs

[Mozz1]

In 2005 I entered a DMP with the CCCS. No one explained to me at the time that by entering a DMP with the CCCS (most of) my creditors would register automatic default notices (DN). The DN crucified my credit rating indefinitely (on the DMP I am due to repay the creditors over the next 5 and a half years, some longer). After repayment I then have to wait a further 6 years for the DN to be removed from my credit file.

 

I think CCCS clients need to be made fully aware of the implications of a DMP on the long-term.

 

Some one also needs to do something about the wholesacle abuse of computer based records kept by Experian / Equifax etc and which are being exploited by the financial institutuions, utility companies, even insurance companies! If they don't register late payments, Default Notices etc then they THREATEN to, which is a disgusting abuse of technology.

[sequenci]

After repayment I then have to wait a further 6 years for the DN to be removed from my credit file.

 

Actually, that shouldn't be the case. Your defaults will drop off 6 years from the actual date of default, so your credit file should actually start to right itself shortly.

[Mozz1]

Hey, thanks. I'm interested to know more. I know the defaults are registered with experian/equifax etc but because I'm on a DMP that arrangement stays on the credit report indefinitely (until its paid off) and that the original default is 'tagged' onto this.

 

What do I need to do to find out for sure?

 

on a separate note, do you have recommendations for any particular credit score checker to subscribe to?

[sequenci]

Hello again,

 

As far as I'm sure the actual DMP shouldn't affect your credit file a great deal. It's the defaults that would have a significant effect, and they should fall off after 6 years.

 

Experian and Equifax are by far the biggest credit reference agencies. Before you sign up it may be worth having a read on our forums as there are some excellent discussions regarding these agencies and the way they use your personal data.

 

I note you're new to CAG, welcome to the madhouse

 

Best wishes,

 

Seq.

[Mozz1]

welcome to the madhouse

 

 

Seq.

 

I've been struggling with debt for over 5 years now and when I tally up what I still owe it has changed very little, maybe down 15% overall, because of the low monthlies on my repayment agreements. So a further 5 ears to go before its mostly cleared up. Discovering CAG has been a godsend chiefly because I used to think I was the only one in this situation.

[rapterman]

Have you considered other options other than the DMP?

Best thing to do is to add up your total debts and divide them by how much you can afford to pay into the DMP, this will give you an idea of how long the DMP will go on for assuming your creditors hold interest and charges.

If it's longer than five years you maybe better off with an IVA or even a BR order, but it will depend on your circumstances and any assets you have.

Don't forget that the DMP is an informal agreement which your creditors can change any time they want to.

[Mozz1]

rapter, I would consider an IVA or BR but (embarrasingly) I am in a profession where having an IVA or BR will have me struck off. In short, I will lose my livelihood. The only options available to me are flight, a DMP or individual arrangements. So, as it happens, I will have been repaying my creditors for over 10 years by the time I'm debt free. Due to arcahic laws in this country certain professions are barred from arrangements via court orders.

[loobyloo85]

Hi

 

Just to add to the above, if you are in a DMP, and the creditors send default notices on your accounts, this will be on for 6 years, but there is no guarantee that they will not send another lot of defaults after this 6 years, if you are still in a DMP

[Mozz1]

Hi

 

Just to add to the above, if you are in a DMP, and the creditors send default notices on your accounts, this will be on for 6 years, but there is no guarantee that they will not send another lot of defaults after this 6 years, if you are still in a DMP

 

Yeah that's right, it has to be the case. Its like a life sentence.

Has this happened to anyone out there (creditors renewing the DN after 6 years)?