satisfied default loan options and 6 years almost up

kristo32 · 25 May 2013 at 7:14PM

Hi all,

I have searched the net coming up with a MSE page that im not allowed to link to but it pretty much answers my question, I just wondered about this 6 year default thing?
I take it the default is registered for 6 years from the date of adding and not from the date of satifying the debt? What happens when that time is up? does it just go and leave you with a nice clean credit score or is there a higher price to pay?? (mine is almost at 6 years now)

Also, I am just about to satisfy a long outstanding debt that hasn't been paid due to a long dispute with a bank that I took to the financial ombudsmen but alas they didn't find in my favour for one reason or another and Im forced to give in.
Once paid in full and shown as satisfied on my file, my intention was to add a note to the credit file to force a manual check and hope that does better for me as just with one default my credit file is awful....I couldnt get a teabag on credit!

Advice and thoughts appreciated.

K

jessie4109 · 25 May 2013 at 7:33PM

Defaults should "drop" off 6 years from the default date automatically. I say should. On my biggest default amount it dropped off in April of this year with Experian and Callcredit but with Equifax it now doesn't show the default but it shows 6 months in arrears for that particular account. I now have complaints in with Equifax and original lender as they should in effect dissappear. We shall see what happens. I'm not looking to take out any credit in the foreseeable future but would just like that account to not show (like with the other CRA's) as I have had the default for over 6 years.

jonesMUFCforever · 25 May 2013 at 7:59PM

If any trace of your default is to drop off IMO do not add any notes.
This can do more harm than good.
You had a dispute - you presumably complained to the bank - you lost and went and went to ombudsman and lost again - just let it go.

Thrugelmir · 25 May 2013 at 10:16PM

kristo32 wrote: »

Also, I am just about to satisfy a long outstanding debt that hasn't been paid due to a long dispute with a bank that I took to the financial ombudsmen but alas they didn't find in my favour for one reason or another and Im forced to give in.
Once paid in full and shown as satisfied on my file, my intention was to add a note to the credit file to force a manual check and hope that does better for me as just with one default my credit file is awful....I couldnt get a teabag on credit!

Advice and thoughts appreciated.

K

You account will show a monthly report history of having an unpaid debt. This will be scored against you until such time as it drops off your record or the lenders criteria ignores it. .

Lenders receive datasets from the CRA's not notes to read.

Non payment of a debt is just that. Nothing else.

neil_999 · 27 May 2013 at 10:47PM

If the outstanding debt is showing as being paid late, I would contact the companies concerned to ask if they can hold late payment marks while you were disputing it - but pay it in full to show willing.

With regards to the default, it should go after the 6yrs is up, so leave it alone. A notice of correction will just make a lender aware of a problem that now isn't there.

banjobob_2 · 28 May 2013 at 10:17AM

Defaults drop off the file automatically without you having to do anything.

I checked my file the day before and then the day after, it was nice to see my score finally repaired!

satisfied default loan options and 6 years almost up

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