Re: Daft Question re DMPs
I don't know wether to be angry, sad or relieved at that report Rizzle
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Daft Question re DMPs
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Re: Daft Question re DMPs
Originally posted by roomtobreathe View PostBecause the free ones don't make up bullshit claims about what they can do.
Interesting report on the OFT's last mystery shop of these companies. Calling them up as a customer and seeing what they claimed to be able to do/offer.
Mystery Shopping Report
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Re: Daft Question re DMPs
Originally posted by wishfullthinking View Postwhy do people still go to these fee paying dmc when they can go to a free one,whom the crediters are more likely to accept onto dmp anyway
'No pain, no gain' could've been written for being in debt.
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Re: Daft Question re DMPs
Even worse from their (TMG) website.
It is likely that you will receive default notices from your creditors upon commencement of your plan as the first 2 months’ payments are taken as an initial fee and payments are not made to your creditors.
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Re: Daft Question re DMPs
Solution - stop paying, get defaulted then set up DMP mate.
sorted.
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Re: Daft Question re DMPs
Niddy you know me - I am always vague!!
You got my gist - one month late 'officially' puts the account/agreement into default - but as you say, it is usually at least three months before formal action is taken/starts.
I am aware that a DMP can prevent an actual default as such, but the bad data - which could be 8 months late (depending how long the dmp was for) would be there. At the end of the day, that is virtually as bad as a default on messes the credit file up completely.
What I meant when I said I am correct is that the data continues to report and the account will be defaulted (in the majority of cases) at some point or at least be seriously screwed. And to say that it wont keep reporting as one month (cos there would be no point in that!)
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Re: Daft Question re DMPs
Originally posted by oscar View PostI keep getting bugged by Fresh Start Financial and lately, The Money Group (which is essentially the same organisation)
Originally posted by oscar View PostSaying I work for A large credit company and the effect on my credit file is starting to fall on deaf ears, and I am being told a DMP only shows as ONE missed payment, although they did agree that the creditor would, more than likely terminate the account.
Originally posted by oscar View PostI know essentially, they are correct in that one month missed payment puts the account into default, but my understanding with most creditors is that they continue to report each month - eventually going to two three months in arrears etc, if the account is not already at this stage! - eventually, the account will default anyway after six months arrears (and most creditors will sell on)
Originally posted by oscar View PostAm I correct here arnt I?
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Re: Daft Question re DMPs
Originally posted by rizzle View PostThey are telling you porkies.
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Daft Question re DMPs
I keep getting bugged by Fresh Start Financial and lately, The Money Group (which is essentially the same organisation)
Saying I work for A large credit company and the effect on my credit file is starting to fall on deaf ears, and I am being told a DMP only shows as ONE missed payment, although they did agree that the creditor would, more than likely terminate the account.
I know essentially, they are correct in that one month missed payment puts the account into default, but my understanding with most creditors is that they continue to report each month - eventually going to two three months in arrears etc, if the account is not already at this stage! - eventually, the account will default anyway after six months arrears (and most creditors will sell on)
Am I correct here arnt I?
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