DRO and Defaults

Lewys · 23 January 2018 at 12:42PM

I started a DRO in Feb 2012 and I believe in a little over two weeks, 15 days, this should (in theory) drop from my credit history. Give or take a little time for this to be reflected in my credit reports.

The main issue I am confused about are ‘Defaults’ during the time I was in my DRO.

I’m a little hazy on what the deal was with ‘Defaults’ when I was in my DRO; I’ve done some research on this forum and elsewhere and I’m still a bit confused.

I entered into a DRO in February 2012, with a discharge of February 2013, I have ‘Defaults’ across 3 accounts showing right up until April 2013.

Some posts seem to suggest that the last date a ‘Default’ can be given to me on these 3 accounts is February 2012, and others seem to suggest it is February 2013.

Does anyone have any advice on what the deal is? Should the accounts be showing as 'Defaulted' until February 2013, or should it be February 2012?

Can ‘Defaults’ still be listed against the account during my DRO time?

What everyone seems to agree on is that the ‘Defaults’ showing in March and April 2013 are definitely incorrect, and I will contact the bank in question to get these removed.

All of the three accounts show as closed and settled/partially settled.

Thank you.

fermi · 23 January 2018 at 12:49PM

The original default date should be on or before the date of your DRO. Usually shown separately as a 'default date' somewhere.

However, monthly status updates of a D or 8 until the DRO is finished are not new default, just status updates on the original.

The default and all account data will still fop off 6 years from the original initial default date.

Lewys · 23 January 2018 at 1:09PM

Thank you for that. I think I need to write some letters!

But to confirm, I have 1 account showing a Default date of 08/02/2012 - which is the date I entered into the DRO.
Every single month after this, until February 2013 it shows 'account has defaulted', with the last one being February 2013; my discharge date.

If I understand you correctly, the Default reported in February 2012 will drop off my credit history soon and all the subsequent months will then not show anything to do with the default at all?

At the moment, each month has a big red blob, with 'account has defaulted' against it. What happens when the original default date has passed?

Thank you kindly for your help.

fermi · 23 January 2018 at 1:12PM

Lewys wrote: »

If I understand you correctly, the Default reported in February 2012 will drop off my credit history soon and all the subsequent months will then not show anything to do with the default at all?

Correct. Actaully the entire account and all data, will be removed.

There will quite literally be no trace that the account ever existed.

Lewys wrote: »

At the moment, each month has a big red blob, with 'account has defaulted' against it. What happens when the original default date has passed?

See above.

Lewys wrote: »

Thank you kindly for your help.

You are welcome.

DRO and Defaults

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