Defaults
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clo87
Posts: 36 Forumite
Hi All,
I wonder if anyone can help me. I have a number of defaults on my credit file which are due to drop off in late 2013/early 2014.
I have paid off the majority of them, but I still owe about £2000 on two of them, which im paying in monthly installments.
What I would like to know is, what happens to those debts when the default drops off? Will they disapper from my credit file completley or will they still show but as still in arrears? I will continue to pay them as I want to clear them, but can they just decide to re-default me? Or try to get a CCJ?
Also, if I apply for a mortgage, do I have to disclose the debts as they will not be on my credit report?
Many thanks
I wonder if anyone can help me. I have a number of defaults on my credit file which are due to drop off in late 2013/early 2014.
I have paid off the majority of them, but I still owe about £2000 on two of them, which im paying in monthly installments.
What I would like to know is, what happens to those debts when the default drops off? Will they disapper from my credit file completley or will they still show but as still in arrears? I will continue to pay them as I want to clear them, but can they just decide to re-default me? Or try to get a CCJ?
Also, if I apply for a mortgage, do I have to disclose the debts as they will not be on my credit report?
Many thanks
0
Comments
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Defaults drop off your credit report after six years and regardless of the current balance, so once they expire they won't be visible to lenders through a credit check.
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Posts by James Jones, Neil Stone, Stuart Storey & Joe Standen0 -
They are not allowed to re-default you.
They could go for a CCJ, but if you are continuing to pay then there would is no more reason why they would bother after the default drops off than before.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Also, if I apply for a mortgage, do I have to disclose the debts as they will not be on my credit report?
The outstanding monthly balances will appear on your credit history until they are over 6 years old.
If you have entered into an arrangement to pay with the creditors, this too will noted on your record.
Failure to disclose the correct information on a mortgage application is in effect fraud, i.e. lying in attempt to deceive. Not advisable to attempt. As UK mortgage lenders share such information through the NationalHunters database.0 -
Experian_company_representative wrote: »Defaults drop off your credit report after six years and regardless of the current balance, so once they expire they won't be visible to lenders through a credit check.
James Jones
I've never understood why this is the case. Credit card/loan accounts do not drop off after 6 years if still active. Seems to give those with defaults an advantagr over us without as soon as they drop off.0
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