Clearing a default on my credit rating - advice needed

[murpsoo]

Good afternoon,

 

This is my first post so apologies if my etiquette is out!

 

I have recently looked to improve my credit score. My history in the last 4 years is pretty good (2/3 late payments aside). However on my credit file I have 2 defaults (one is 4 years old for £1096, one 2 years old for £210).

 

I'd like to clear these defaults off my account. I cannot afford to pay both straight up and have looked into a partial settlement. Can someone please advice me on the best approach to handling this debt?

 

Is a partial settlement worth it?

What will happen to the debt after 6 years?

Will a payment plan clear the default?

 

Thanks is advance,

 

Murp

[dx100uk]

sadly paying an account with a default does not remove it

neither does it improve your score/chances if you do

 

it will still remain for 6yrs

then the whole account will vanish on the defaults 6th birthday.

 

tell us about the debts please

 

and who is now their owners?

 

DCA or original creditors?

 

dx

[SabreSheep]

WHo was original debt with

What type of debt eg credit card, loan, overdraft

WHo owns it now

When was the default registered

When was last acknowledgement of debt in writing or by payment

Is there any PPI or other insurances attached

If a credit agreement (NOT OVERDRAFT) are there unlawful overlimit fees or late payment charges

[murpsoo]

WHo was original debt with

What type of debt eg credit card, loan, overdraft

WHo owns it now

When was the default registered

When was last acknowledgement of debt in writing or by payment

Is there any PPI or other insurances attached

If a credit agreement (NOT OVERDRAFT) are there unlawful overlimit fees or late payment charges

 

1 with Mint (RBS) for £1090 defaulted in 2010 last adknolwedgement about 2 n half years ago

 

1 with Capital 1 for £210 defaulted in 2012 last adknowledgement about 1 and half years ago

 

No PPI as far as I'm aware.

 

I think both were passed onto debt agencies.

[murpsoo]

sadly paying an account with a default does not remove it

neither does it improve your score/chances if you do

 

it will still remain for 6yrs

then the whole account will vanish on the defaults 6th birthday.

 

tell us about the debts please

 

and who is now their owners?

 

DCA or original creditors?

 

dx

 

Please see post above.

 

After the 6th year is the default still visible and does it still leave an imprint on my credit score?

 

I feel like I'm being punished for a a silly mistake i made at Uni and is a relatively small amount of debt

[dx100uk]

your credit file will tell you the owner now

 

banks name against them still

or a dca?

 

dx

[murpsoo]

your credit file will tell you the owner now

 

banks name against them still

or a dca?

 

dx

 

When i return home, I shall post a screenshot!

[dx100uk]

All references to a defaulted debt must be removed from your credit files after 6 years

has passed from date of default, whether paid off or not.

.

the WHOLE ACCOUNT WILL VANISH, never to return.

.

however, this does not mean the debt itself is not still owed

consider a CCA request.

.

This is so that someone who continues paying something

- even after 6 years from default

- should not be at a disadvantage to someone who pays nothing after default

and ends up with a clean file after 6 years.

[murpsoo]

your credit file will tell you the owner now

 

banks name against them still

or a dca?

 

dx

 

I canot post an image but the debts are owned by RBS (mint) and Capital One

[BRIGADIER2JCS]

I canot post an image but the debts are owned by RBS (mint) and Capital One

 

 

 

As dx100 has said paying off in full or partially will not get the defaults removed. Recent changes to the Information Commissioners Office's view on reporting defaults make it almost impossible to get defaults removed early ( Credit Files Must Show the Full History of an account).

 

 

As said the entire entries will be removed on the 6th anniversary of the default date paid or not.

[murpsoo]

As dx100 has said paying off in full or partially will not get the defaults removed. Recent changes to the Information Commissioners Office's view on reporting defaults make it almost impossible to get defaults removed early ( Credit Files Must Show the Full History of an account).

 

 

As said the entire entries will be removed on the 6th anniversary of the default date paid or not.

 

Thankyou and potential creditors would not be able to see this on my credit report?

[dx100uk]

see what?

[murpsoo]

That i have defaulted on an account?

[dx100uk]

yes it will as the statement

 

a defaulted account will stay on your file for 6yrs

 

from the first default date

 

paid or not

 

dx

[murpsoo]

yes it will as the statement

 

a defaulted account will stay on your file for 6yrs

 

from the first default date

 

paid or not

 

dx

 

So what incentive is there for me to pay? Should i let it run its course for 2 more years?

[dx100uk]

paying a debt off certainly will not improve your score

if it is default

 

the default in the summary line will remain till its 6th birthday regardless to what you do.

 

dx

[BRIGADIER2JCS]

Thankyou and potential creditors would not be able to see this on my credit report?

The Entries are removed totally.

[letsmakeamark]

If you pay it off or start paying it off the record will stay on your file for 6 years from the date you made your last payment.

[dx100uk]

not quite

 

as already pointed out

 

a debt paid or not will vanish from your file

on the 6th birthday of the defaulted date

 

doesn't mean its not poss still owed mind.

 

dx

[murpsoo]

not quite

 

as already pointed out

 

a debt paid or not will vanish from your file

on the 6th birthday of the defaulted date

 

doesn't mean its not poss still owed mind.

 

dx

This thread only goes to show how confusing this whole thing is.

[dx100uk]

well no

 

its always been the same

 

dx

[BRIGADIER2JCS]

This thread only goes to show how confusing this whole thing is.

Not really Defaulted debts are removed from credit reference files on the 6th anniversary of the default date paid or not, and

cannot reappear.