Default Dating

[TeviotMoose]

Hi All

A quick question surrounding defaults.

I have a default listed on my file as at : 15/03/05, and am slowly but surely paying off the outstanding balance. My question is this :

Will the default disappear from my file 15/03/11, or will it take 6 years from the date that the account is paid off? Currently Dec 2009 - which would mean I had a default until Dec 2015...

Thanks!

Moose

[postggj]

hi and welcome
the default will be deleated six years after the finance company placed it
15/03/11

[postggj]

it might be possible for the default to be removed if correct procedure has not been followed

care to elaborate

[TeviotMoose]

I'm pretty sure that proper procedure has been followed - despite it being Egg... I have a copy of the default notice.

I'm not denying the fact that a) I owe them money, and b) that I defaulted. (Long story, but the short version is "Bookies are the only winners"). So I'm (relatively speaking) happy to pay the money back. But since the default is due to expire only a year after the satisfaction, I'm not too bothered about all the rigmarole in trying to convince them of any error. However, if it was 2015, things might be different!

[postggj]

just sit back then and be happy, not long to go.
are you paying direct to egg or a dca. if its passed to a dca then come back to your thread for advice

[TeviotMoose]

I'm paying to a DCA - Credit Solutions Limited. Who, I have to say, once we actually came to our senses (me in getting my head out of the sand, and them in accepting my offer) have been very good at communication.

Thanks for the help!

[postggj]

after a time dca have a habit of trying to up your payments, wanting there pound of flesh to buy more accounts, if that happens just stick to your guns and dont be intimidated

[TeviotMoose]

Yeah, they've pushed for more, and where I can I've paid more. But I'm sticking where I am at the moment.

I was fortunate enough to get a new job (and been a success) whilst paying this back, so I've actually been able to up the payments to a level that we are both comfortable with. It's now very much up to me how much I want to pay - and since I'm not getting charged any interest, and there's no benefit of paying off early, I'm not going to over-stretch myself unnecessarily.

[postggj]

good for you, as long as you are in control, not the dca

[bigjock]

Teviot Moose

Why are you paying it off slowly but surely?

There is no benefit to you in doing this. Your efforts will simply result in having your file marked 'SATISFIED'. But it will still be a default and will not improve your credit score.

I made the same mistake. I painfully paid up a Default to get it satisfied and when I checked my score with Experian to see how much my score would jump - I discovered to my horror there was no change to the score. Experian explained that it is still a default in the eyes of a lender.

The best way to help yourself is to get the info completely removed. I was able to get the info removed later after much effort and I needn't have paid the thing off in the first place.

If I were you, I would stop paying and negotiate a full and final settlement of a fraction of the amount (TIP - the older the debt the less you should offer) on condition that they remove the info on your file COMPLETELY!

While you still owe money you have leverage.

Good luck

TC