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what happens when default period ends? still owing?


dyn27
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Hi all,

can somebody tell me what will happen or what my options are?

 

After all the bank charges fiasco I was left with £1100 bank charges which lloyds couldnt wait to default me on. I'm now paying this back at £10 /month. Im half way through the 6 years of the default (am I correct in saying It shows on record for 6 years??), by my calcs I will still have a balance of debt at the completion of the 6 years what happens then?

Will that be the end of it and lloyds write it off? Will the default go on or start again?

will lloyds take a reduced settlement or try to get one?

thanks for any help

dyn27

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The default will fall off your credit file on the sixth anniversary of the default whether it is paid or not. It will not come back again.

 

When it comes off your file it does not mean that the debt is written off and you will still owe any balance.

 

You can try a full and final settlement at any time.

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When doing the F&F, it's also worthwhile to see if they will remove the default too. After all, it will have taken years to pay back the debt, so they might just want to get you off the books fast.

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