Credit File/Score clean up

[Rickyatsea]

Hi,

 

Im new to the forum and have joined for help.

 

My credit file and score has been obliterated by payday loans and defaults.

 

I am about to engage in settling and cleaning up my credit file.

 

I figured i can negotiate with payday companies and all i want is to propose a reduced settlement figure in return for settlement of the debt and my credit record updated accordingly.

 

I intend to make an offer and have them send me a letter accepting the offer and agreeing to update my record.

Without receiving this letter i will not proceed.

Is this the best way to move forward. Have it in writing so I can prove they agreed to my requests incase they dont actually do it?

 

Also is there a time scale i can enforce from settling the account until my credit record is updated?

 

Cheers

[BRIGADIER2JCS]

Hi no you cannot enforce any time limits on this, you should

also be aware that the credit file default entry will show satisfied

if a F&F settlement is made for an amount less than that owed and

that entry will remain on file as such for the remainder of the 6 year

life of the default.

Yes you must have written agreement before paying anything.

[Rickyatsea]

surely a default and a F&F settlement of lesser value is still a settlement. If the creditor agrees? And if i settle the defaulted accounts will my credit score begin to improve.

 

Also how long after the defaults before creditors overlook them as i have many credit accounts that i still manage well.

 

My current score is 272

[BRIGADIER2JCS]

No it is still a defaulted account that can be seen by potential lenders.

You start to rebuild a credit reputation in reality once the default entry

is removed after 6 years, then you must steadily build on by not making

numerous credit apps, having a low limit CC and paying it off in full each

month for starters.

[Rickyatsea]

I have 4 mobile contracts.

A 5k loan and

a £200 credit card which i manage in good order.

 

Plus I have a load of Payday loans settled satisfactorily.

 

If i keep my head down and stick with what i have,

will it at least come up enough so my bank will offer me a current account?

[ims21]

Thread moved to Credit Agencies forum

[BRIGADIER2JCS]

Yes, just do not apply for any more credit!

[Rickyatsea]

Thanks for all your help

[gust]

If i keep my head down and stick with what i have,

will it at least come up enough so my bank will offer me a current account?

 

I had loads of defaults but got a STEP account from Natwest ok - they have changed the name to basic account and think its the same otherwise - no cheque book or overdraft but thats good if you are building your credit score back up

[BRIGADIER2JCS]

That is a good account but be careful £1 over and the then watch out!!!!

[gust]

That is a good account but be careful £1 over and the then watch out!!!!

 

i have gone over before with this account but if you correct the error by closr of business the same day then they dismiss the charge. I have full green lights on my credit file too for this acc. So if you act same day you will be ok