Hi could I ask for someone to explain CREDIT RATINGS...how are they effected by DMP verses IVA's, what happens when you get a default against a late/missed payment.
Before my DMP I had a few late payments but had never actually missed one and i have only received default letters whilst waiting for the DPM to be set up.
I have several creditors that I have never missed a payment or been late...does that have any bearing on the credit rating ( or is that just wishful thinking!!!!)
Any late payments have adverse affects on your credit rating,as do any arrangements made with creditors(basically it shows on file that you failed to make agreed payments).
It only takes one creditor to lodge an entry in your crf regarding a late payment to mess it up(regardless of the fact you may be up to date with everything else).
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Instead of having a nice row of green cirles with a big fat zero in them (this is on Experian) you will start getting amber or red circles which is not good.
If you get defaults whilst in a DMP, I believe they have to stay on the file. If you are in an IVA, a creditor is not allowed to default you after the date of approval.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
