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timeforachange

leave as default or settle balance

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ok ive comen into some money and i have some outstanding debts with hsbc and halifax (credit cards and student debts) whiich all defaulted. im currently claiming ppi charges however after i've completed this claim i was curious.

 

should i settle the balance or leave it to drop off. the default has currently been on my creditfile for 4 years. if i settle the balance will it restart the 6 year period or will it still drop off at the time?

 

thanks.

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Defaults are removed after 6 years paid or not, if you wan't to make an offer to satisfy the default make it conditional on the removal of the entries.


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Nobody would advocate not paying your debts if you are able to without risk of hardship. But here are the facts anyway...

 

Nothing should change the date the default was entered on your CRA file, although many devious DCAs do so anyway when they purchase debts. If you do settle (always do this using a full and final settlement offer, in accordance with your means) then the account will be updated but it will still fall off the file 6 years from the original default.

 

If for some genuine reason you don't intend to settle, then you need to be aware that recognising the debt *does* restart the 6-year statute-barred clock. But if at 4 years in you've not seen any legal action, you've still got another 2 years to go.

 

If you have enough money to make a settlement offer (even a partial one) without suffering hardship, then the statute-barred limit no longer matters either, because there would no longer be any reason for legal action.

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