Defaults

user051105

Can anyone give me some advice, I have the following debts registered on my Credit File

Company 1 - £543 - Defaulted - 03/06/2000
Company 2 - £346 - Defaulted - 20/06/2000
Company 3 - £126 - Defaulted - 04/08/2004
Company 4 - £261 - Defaulted - 07/06/2000

The ones for companies 1-3 appear on Experian and the 4th one only appears on equifax.

So what I would like to know is what happens to the 3 debts that reach 6 years in June of this year. I have not spoken to the companies about these since default and only occasionally get letters reminding me of this debt, but I have made no contact with them.

From what I have read, is it correct that these will be removed from my credit file and no longer affect my ability to get credit more importantly a mortgage.

Any help would be appreciated.

file_wizzard

The defaults will naturally expire from your file 6 years and one day after the date of default.

I am presuming that no CCJ's have been issued, therefore the adverse effect on your file will be removed

user051105

I have checked my file and there are no CCJ's on there, which is probably good news. With regards to the Company 3 debt do I write to them offering 10% as Full & Final Settlement.

Cheers

file_wizzard

user051105 wrote:

I have checked my file and there are no CCJ's on there, which is probably good news. With regards to the Company 3 debt do I write to them offering 10% as Full & Final Settlement.

Cheers

You can try, depends on who the creditor is, most company’s will look for between 50% - 70%

also you will be effectively admitting the debt so you wont be able to play the same game as the other three,

Also in general terms a satisfied default is little different to an unsatisfied default as far as most lenders are concerned, However with mortgages there are exceptions made, but still expect to pay a slightly increased % rate

with regards to no. 3 have you tried raising a notice of dispute with the relevant CRA? , if the lender fails to respond to what is in effect a very minor debt it will be suppressed from your file after 28 days anyway