dfeaults coming off after 6 years even if being paid back?

[Sharpeye10]

Hi Guys

 

I was wondering if anyone had any info on the following:

 

I had a loan with Lloyds TSB i took out in March 2008...due to sudden changes and financial difficulties i couldn't pay anymore.

 

I know they defaulted the account in 2009....at this point i completely shut off and didn't pay anything back....a DCA company tracked my parents address and contacted them.....My parents bless them started paying this i think in 2010 towards the default, i started also contributing to the amount start of this year but have never been in contact with this DCA company as i pay it to my parents which covers what they were paying them

 

My question is will the default still 'come off' after 6years at the point of default 2009 so in 2015(i know it doesn't really ever come off) even though payments are being made to this at present??

 

or has this become active again as payments started in 2010 to the default?

 

Cheers in advance for any advise

[ims21]

It will drop off your credit file six years after the default date, paid or not.

 

You say this was/is a loan.

 

Are there any charges on the account and/or PPI which you can reclaim to bring the amount owing down?

[Sharpeye10]

Thanks for the reply

 

I thought that might be the case

 

It was a Loan that i took out in 2008.

 

No additional charges that im aware of....A dca is now chasing for the payment which my family is helping me with but i wanted to confirm that it will still drop off in 6 years regardless whether it is being paid or not

 

unfortunately no PPI to claim on....on the other hand that's a good point, something i need to double check on

 

will this drop off even if you are paying and don't get anywhere near to settling it?

 

Cheers

[ims21]

will this drop off even if you are paying and don't get anywhere near to settling it?

 

Yes

[Chipmeister]

Yes

 

When you say it drops off your credit file, do you mean the whole debt due disappears or it just sits on your credit file not showing as defaulted?

[BRIGADIER2JCS]

The debt still exists, if you are paying then it cannot become statute barred (6 years with no payment or written acknowledgment).

 

The entries are removed from ALL CRA files.

[Chipmeister]

Oh, so it really does drop off the cra records! :@o I am making payments against all my defaulted accounts but the 6 years is up on most of them in April this year. Presumably this should improve my credit record?

[BRIGADIER2JCS]

Yes the entries are removed completely, but the debts are not statute barred, all things considered yes this will improve your credit profile but it must be rembered that potential creditor look for increaseingly longer periods of good++ credit management these days, so you will need to rebuild a credit profile over a number of years (at least 3 years).

[Chipmeister]

Many thanks for your responses. Happy New Year!

[BRIGADIER2JCS]

Many thanks for your responses. Happy New Year!

A very happy New Year to you!!!