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panickingmum

6 Year Old default - still paying the debt - WHAT HAPPENS TO CRA record

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Hi

I've now read many many threads on this query but they all seem to be conflicting so would be most grateful for a reply to my speecific query as the correct answer will HUGELY impact my ability to get a mortage over the next few months.

I got in to financial difficulties 7 years ago now as my son was diagnosed with autism, he was exluded from school and attempted suicide on a number of occasssions (he was 8), I had to give up work. We were over committed on only one wage and defaulted on may accounts. I went back to work when he got the help he needed, and have managed my credit well since then, mortage up todate, no missed payments on my credit card, no missed on my Vodaphone account etc.

 

I managed to make full and final paynments on nearly all my defaults, but 2 would not settle and I have paid on an arrangement ever since. These 2 unsettled defaults are now 6 years old, they always showed on my record as default, never as Arrangement to Pay. I have checked my CRA files and they are no longer showing. Great!

 

However, now cannot sleep for worrying that they will reappear next month as AR - arrangement to pay, but with the default not showing. Obviously this would be no better for my credit rating than a default.

 

I have read many threads and the answers are conflicting, would be really grateful for a definitive answer. I am more than happy to continue paying the amount I pay on the arrangement. Is easily affordable, and I get no hassle from the creditor. However if by continuing the account shows up as AR it hardly seems worth it.

 

The accounts I settled (paritally) I understand will just drop off, it is these 2 unsettled that I am panicking about!

 

Any advice really appreciated. My boys have all had to share a room for 6 years because we have not been able to move. My eldest has to go by taxi to his special school because we cannot move closer. I so want this to be over for them, we've paid our price now and I am terrified of this being dragged out longer.

 

Many thanks

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Sorry, and as an additional question to add, one of my accounts was not defaulted untl 2 years after I was first clearly in difficulty (3 missed payments on account etc). Do I have any possibility of asking for that default date to be changed? I read somewhere the finance companies should default you within 6 months. That would then bring the date of my last default to be 6 years old forward hugely and a mortgage application becomes more of a reality than a dream.

There is nothing in it for them as those defaults had F&F years ago now, but is it worth a try? Wish I had thought about all this back in the day, would have pushed for default much quicker if I had.

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Hi stop panicking mum!!

 

Ok default entries on CRA file are removed after 6 years paid or not, no further entry can be registered, it has been known for DCAs and Creditors to attempt to replace a Default BUT the Information Commissioners Office View on this is that it should not be done as it places the data subject at a disadvantage compared to a debtor who has made no effort to pay.

 

Yes you can challenge the late default as unafair,first place a notice of dispute on the CRA files, the you need to make a formal complaint to the Data Controller of the creditor that has placed this entry.

 

On the mortgage app side you should be aware that mortgage lenders are increaseingly looking at longer credit histories show often 5-6 years good ++ credit history, some thing a simple as one missed payment will lead to rejection.

 

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Hi stop panicking mum!!

 

Ok default entries on CRA file are removed after 6 years paid or not, no further entry can be registered, it has been known for DCAs and Creditors to attempt to replace a Default BUT the Information Commissioners Office View on this is that it should not be done as it places the data subject at a disadvantage compared to a debtor who has made no effort to pay.

 

Yes you can challenge the late default as unafair,first place a notice of dispute on the CRA files, the you need to make a formal complaint to the Data Controller of the creditor that has placed this entry.

 

 

 

 

Ok that all sounds good, I keep on checking and defaults have not reappeared despite payments have been made. My husband and I have 6 years perfect payment history on 2 credit cards, car loan (paid off) bank account overdraft (paid off) and Vodafone account. They will all still be there when defaults gone.

Thanks again for the reply

 

 

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