Aqua or Vanquis card to rebuild credit rating?

digitalphase

Hmm doesn't help now I've paid the debt off Blimey, you'd think I'd done the right thing paying it off, but it doesn't seem like I have. Oh well I suppose it had to be paid at some point. Just wish I had the money still as I'm skint now :mad::mad::mad:

never-in-doubt

dawnie1972 wrote: »

I was once advised to just let my defaults sit there and ride it out for the 6 years because also apparently the minute you make contact with them the 6 yrs starts all over again.
I'm just waiting for my credit file as, if my calculations are correct then my CCJ and the defaults i had will have come off as the 6yrs is up, i think there may be 1 or 2 defaults still on there but that's it - would i be able to get a vanquis or Aqua card - i applied for aqua and am waiting to hear from them - if i've got defaults and not on the electoral role will i be declined.

Dawnie, whoever told you this is wrong. The way it works is that the 6yrs end either;

1. The day after your officially missed payment after 6yrs + 1 month. So, for example, you took a card out in Jan 2002 and paid on time until Dec 2002. You missed a payment on Jan 2003. You then 'hid from the radar' for 6yrs and Feb 2009 your debt would disappear from the CRA and be classed as statute barred meaning you never have to pay it back - its gone, forever!

2. 6yrs from the date of original default. A debt can only have one default, so for example if Marbles issued default in Feb 2008, it will remain until Feb 2014 regardless of whether contact is made.

The worst thing to do would be to make payments as the 6yrs (Statute Barred) date begins 6yrs after first missed payment.

If the OP is saying that there is no mention of a default on her CRA then what is the problem? Just ignore them and cease all contact from here on in. Are you sure there is no mention of the bank or the DCA? Remember some DCA's have not acted accordingly and make mistakes when purchasing debt accounts, a good way to get them to remove the default by their errors..... as I said, only one default can be placed per debt so once they remove it, its gone - forever!

never-in-doubt

xgingerx wrote: »

Hi, just to let you know the default drops off your file 6 years from the date of the default , not from when you paid it off. This is fact as per my own experiance and also the credit expert (CRA) website.

So it will be removed after six years whether u paid the debt or not
hope this helps

I concur - 6yrs from the date of default (well its actually 6yrs and a day LOL)......

digitalphase

never-in-doubt wrote: »

The worst thing to do would be to make payments as the 6yrs (Statute Barred) date begins 6yrs after first missed payment.

So I really shouldn't have spent £700 settling that debt? It doesn't make sense. If I had 'kept low' over the next 6 years they'd have written it off? Not likely, especially as they know I received £500 in a charges refund.

I've read over at CAG and also on here I'm sure that the 6 years begins as soon as the last payment is made to the account once it's cleared.

digitalphase

I feel really cheated now :mad: So I'm screwed over by the debt, but still screwed over when it's paid? Just seems ridiculous!

never-in-doubt

digitalphase wrote: »

So I really shouldn't have spent £700 settling that debt? It doesn't make sense. If I had 'kept low' over the next 6 years they'd have written it off? Not likely, especially as they know I received £500 in a charges refund.

I've read over at CAG and also on here I'm sure that the 6 years begins as soon as the last payment is made to the account once it's cleared.

No, the 6yrs (specific to Statute Barred) is 6yrs from the date of first missed payment, so yes - the month after you last paid - same thing really! You do not have to clear it. For instance, this will now stay on your CRA for 6yrs from yesterday when you paid them, as it was not a default. If, however it was defaulted or CCJ then the marker would drop off 6rs from the date of status, i.e. default date/ccj date - NOT the date you last paid, i.e. yesterday.

make sense?

digitalphase

A default was registered on the account on 29/02/2008... I am hoping I haven't added an extra year onto this by paying it off...

never-in-doubt

digitalphase wrote: »

I feel really cheated now :mad: So I'm screwed over by the debt, but still screwed over when it's paid? Just seems ridiculous!

As a learning curve in future (also for other posters) if you ever make offer to clear a debt, include the term that they agree not to leave any derogatory info with the CRA's. If they accept then you have it in writing and this will them show an account settled status - or they may delete it altogether but never just pay as they will leave the adverse data there.

I'd be looking to write and ask for them to erase all data - can you confirm exactly what your credit files show? Is it default? CCJ? Settled? Missing altogether? Help....

never-in-doubt

digitalphase wrote: »

A default was registered on the account on 29/02/2008... I am hoping I haven't added an extra year onto this by paying it off...

Who added default?

digitalphase

I don't know. It says it as a Halifax credit services but I've never had an account with Halifax, it was with Marbles. I have no idea who registered the default. As far as I can remember I was still paying them in February.

How can Halifax add the default when the debt wasn't with them and by the time they bought out Marbles I'd already got the account under dispute?

Also, why wasn't it on my file when I checked in June 2008 if I defaulted in February 2008?