Confused on defaults.

Quackers82_2

I have 3 defaults on my Credit Report, but been reading threads on here where people say they paid in full and settled yet still have a default on there account.

I have paid all the money that i owed back (although some were with Debt Collection agencys after i defaulted) Should they still be on my record?

This was 4 years ago and now i'm 3 times better of money wise than i was then, yet i cannot get loans and stuff now because of those dam defaults. :mad:

Chortle_2

They stay on your record for 6 years, from the date you defaulted.

livinginhope

As far as I can make out from the 4 default notices I have got this week,it stays on your credit file for 6 years and you can't get them removed until then.Sorry x

Quackers82_2

Can i not argue that the information on the my credit report is an inacturate reflection on my ability to repay? Obviously my credit score is very low with 3 defaults on, but this score is not acurate of my current status.I thought it was 5 years not 6 until i read it on here, i'm all upset now, thought i would have a nice credit report from next year

Chortle_2

If you defaulted, you defaulted. Just because you've sinced changed your habits, you won't be able to get them removed.

I suspect that a lot of banks/lenders take into account the date of the default when deciding on whether to give credit or not though, so the longer ago they were, the better.

Your credit score really doesn't mean a lot - all banks/lenders do is get the basic report info, they 'score' you themselves, using their own criteria (which is why one bank will lend you money, when another won't). The score you can pay for from equifax/experian is just their way of making money out of you.

If you've been in debt in the past, had defaults etc, why are you bothered about your credit rating anyway? My credit report isn't that bad, but to be honest, I really don't care how bad it is anymore, I don't ever intend to get any more credit!

livinginhope

Don't want to sound patronising,but if you are much better off now,why do you want to get bogged down with debt again?
Look on these defaults as insurance against debt,while they are there you can't get credit,therefore you stay debtfree,a place where most of us would do anything to be.

Financial_Phoenix

I understand the points being made but what if Quackers82 wanted to remortgage for a better deal? To want to clean up your credit file to take out more credit just for the sake of it and start the whole thing off again is silly I agree though.

livinginhope

Hi Financial Phoenix
Not sure if this is right,but when I spoke to payplan about defaults,they said that they will stop you getting unsecured debt,but won't have an impact on mortgages or other secured debt.So if quackers82 wants a remortgage a default shouln't stop this.

Quackers82_2

I do not really want more debt, but when i had all my big money problems 4 years ago, my parients paid off £13,000 of it with a loan (15,000 including interest) that they got in their name. I had another loan my self from Lloyds TSB for £5000 which i pay off, and was left with 3 cards to pay off my self ( i had about £25K in debt in total) So i pay £217 a month to my parients and the loan comes out of their account.

Now they want a loan themselfs, but cannot get one because they already have a loan which they got for me. So they want me to get a loan for the amount left (about £9000), give them the money so its all in my name. This is why the defaults are !!!!!! me off because they are stopping me doing this.