Arrangement flag and DMP flag.

[ey_137]

Hi all, I have 6 defaults that drop off my credit file early this year, however I have 2 creditors barclaycard and idem capital securities for a credit card. Barclaycard has marked my report as arrangement and idem DMP..

Am I right in thinking that even if I pay these in full after the defaulted accounts drop off they will still show for a further 6 years???

That's Mad is 12 years fair of ruining my life after paying nearly all the £35,000 debt??

[SXGuy]

Re: Arrangement flag and DMP flag.

why 12 years? if you pay them back forever, it will stay there forever, the default drops off after 6 years because its the last recorded marker from 6 years previous.

So if you continue to pay, your payments will stay recorded. if you pay them off, it will be marked as partially settled, for 6 years.

[ey_137]

Re: Arrangement flag and DMP flag.

why 12 years? if you pay them back forever, it will stay there forever, the default drops off after 6 years because its the last recorded marker from 6 years previous.

So if you continue to pay, your payments will stay recorded. if you pay them off, it will be marked as partially settled, for 6 years.

Maybe I'm missing something the concern I have is if I pay the 2 accounts off the arrangement and DMP account and they show as settled will they still show up on my credit file as a negative flag being that one was an arrangement and the other a DMP flag?

I'm looking to obtain a mortgage at the start of next year and would rather know if these markers would impact that decision?
Thank you

[ken100464]

Re: Arrangement flag and DMP flag.

Even if you settle the AP marks will stay for the 6 years. Not sure of DMP's but suspect the same.

As to if it will affect a mortgage others on here will be by soon. But my instinct is at the moment they are looking for squeaky clean.

Reckon there will be alot of us out there nicely done over by the banks.

[Never-In-Doubt]

Re: Arrangement flag and DMP flag.

Data remains for 6 years rolling history so no matter what you do. the old derogatory markers will remain for 6 years from the date you paid them off.

If however you had got a default and not paid (or paid) the data would go in 6 years from date of default regardless. The fact you're paying is making things worse as technically your file will show all data for the last 6 years so if it takes you 10 years to pay a debt, + 6 years history means it would affect you a total of 16 years.

You will struggle to get a mortgage next year, whether you pay the debts or not.

[mgfboy]

Re: Arrangement flag and DMP flag.

They will impact of your ability to get a mortgage, but depending on your deposit you may be able to get one, but it probably wont be with a main stream lender

[ey_137]

Re: Arrangement flag and DMP flag.

Seems a bit wrong thanking someone for a post that just confirms my worse nightmare!! But thank you all for your replies.

Would it be the same for self cert mortgages as well? I take it your still subject to the same credit scoring?

[ey_137]

Re: Arrangement flag and DMP flag.

Sorry one more thing is there any possibility of getting these markers removed?

[Never-In-Doubt]

Re: Arrangement flag and DMP flag.

Self Cert mortgages are non existent - I have one and am stuck with it now!

[Never-In-Doubt]

Re: Arrangement flag and DMP flag.

Sorry one more thing is there any possibility of getting these markers removed?

No as they are factual of the account conduct. Ideally you'd be best saving a bigger deposit and waiting 6 years till your credit file is clean before buying as you'll get a much better rate than anything (if at all offered) now.

Good luck, sorry we can't tell you what you want to hear.

[ey_137]

Re: Arrangement flag and DMP flag.

I appreciate the feed back and your right I'm just looking for what I want to hear, but have to accept it! Although I do have a mortgage advisor as a relative perhaps he may be able to pull some strings or numbers..

[mgfboy]

Re: Arrangement flag and DMP flag.

I appreciate the feed back and your right I'm just looking for what I want to hear, but have to accept it! Although I do have a mortgage advisor as a relative perhaps he may be able to pull some strings or numbers..

Trust me, these days there are no favour or strings to be pulled. If there was i would use them myself.

As niddy has said self cert no longer exsisits, it's only full status and to be fair self cert wouldn't have help you, but the old adverse mortgages would have.

[ey_137]

Re: Arrangement flag and DMP flag.

Damn, pretty typical I should of just done as most do and put my fingers up to the creditors and paid them nothing, at least then I probably would of been defaulted by all and now id get my life back.

What makes it worse had I sent the CCA's to niddy he'd probably of told me the unenforceable as well.

[ey_137]

Re: Arrangement flag and DMP flag.

Sorry to bang on about it, but can people have a look at the attachment and let me know if this looks normal as the status code does not show as an AR or AP which i thought it would.

This is the Barclaycard account that i was most concerned about and would it impact my credit worthiness when other defaults have dropped off.

[Never-In-Doubt]

Re: Arrangement flag and DMP flag.

Can you take a print of the part above that and email it me - it's the status what matters most - those indicators are fine as it's showing up-to-date - these markers will have NO adverse effect on you, quite the opposite actually.