Thread: Credit report Conundrum - Satified accounts

Anyone out there !
Just looking for some insight....

Have recently started to sort out my mess of a credit history. I owed approx £50,000 & came to arrangments for full & final settlements for approx 25p in pound.

When checking my reports these settlements show as 'satisfied' but still show a Big Red 8 as the code - which means defaulted (I think).

My questions are:-
1. Do lenders take any account of the fact that debt is now satified ? - or do they just see that you defaulted ?
2. Because i've now settled do I have to wait another 6 years for the records to 'drop off' my file ? - some of the settled ones would have been gone in 2 years if I had left them !
3. is there anyway of getting the lenders to remove these defaults i.e. if they cannot come up with paperwork like the credit agreement ?

apologies if i'm waffling - i'm just trying to get straight and would like to get there as soon as I can.

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Originally Posted by woolny

Anyone out there !
Just looking for some insight....

Have recently started to sort out my mess of a credit history. I owed approx £50,000 & came to arrangments for full & final settlements for approx 25p in pound.

When checking my reports these settlements show as 'satisfied' but still show a Big Red 8 as the code - which means defaulted (I think).

My questions are:-
1. Do lenders take any account of the fact that debt is now satified ? - or do they just see that you defaulted ?
2. Because i've now settled do I have to wait another 6 years for the records to 'drop off' my file ? - some of the settled ones would have been gone in 2 years if I had left them !
3. is there anyway of getting the lenders to remove these defaults i.e. if they cannot come up with paperwork like the credit agreement ?

apologies if i'm waffling - i'm just trying to get straight and would like to get there as soon as I can.

Hi there Woolnly in reply to your questions 1. Lenders will prob take both in to account also how much the default was for.


2. Defaults stay on your file for 6yrs from the date the default was placed on your file



3. Possable , but depends on ciccumstances ie if unlawful charges were added to your account which caused you to go in default.


Hope this is some help to you and good luck.