Credit Cards - Defaults - Credit File

swanseajack61

I have defaulted on a number of credit cards and loans about 2 years and am currently making regular agreed payments to a credit agency. Firstly when will these defaults come off my credit file. Will it be six years from the default or six years from when the last payment is made.

I also have one credit card left with MBNA that I have been paying at a reduce rate, my only concern is that on the yearly statement it says that as I am on reduced payment scheme of 1% and paying no interest that this will show on my credit file for 6 years from the debt being cleared. So my question is am I just better off defaulting on that debt now to allow for the six years to pass to fix my credit. I am just worried that with me paying the reduced amount it will continue to show and will never allow me to have a repaired credit rating.

Thanks in advance

never-in-doubt

swanseajack61 wrote: »

I have defaulted on a number of credit cards and loans about 2 years and am currently making regular agreed payments to a credit agency. Firstly when will these defaults come off my credit file. Will it be six years from the default or six years from when the last payment is made.

I also have one credit card left with MBNA that I have been paying at a reduce rate, my only concern is that on the yearly statement it says that as I am on reduced payment scheme of 1% and paying no interest that this will show on my credit file for 6 years from the debt being cleared. So my question is am I just better off defaulting on that debt now to allow for the six years to pass to fix my credit. I am just worried that with me paying the reduced amount it will continue to show and will never allow me to have a repaired credit rating.

Thanks in advance

Get out now while you can, they last 6yrs whether you pay or not! Thats my advice...... the trouble you have trying to get the default removed isn't easy either so if you have a choice, just walk away.

This means you cannot acknowledge the debt for 6yrs also...... so its blatent lying sometimes as you'll have to return all mail 'addressee unknown' and hope they accept that!

Good luck - if you get lost, come post on the sutton default letters thread and we'll talk you through the process :eek:

swanseajack61

Thanks for the response, I am lost now. I have a few other debtors who defaulted me and I am now paying a debt recovery agent does that mean this will be cleared 6 years from the default.

Also if I continue to pay the debt recovery agencies after I have been defaulted does the 6 years keep ticking on from every payment I make or just when I was defauled.

I am concerned as I have debts of over 20k and there is no way I am going to be able to pay them back in 6 years. So my main question is in 6 years will my credit rating be repaired as I have had no defaults or taken out no new credit or will it still show that I defauled and am paying a credit agency and therefore still reflect badly on me????

cifpower

Defaults drop off 6 years after first being registered on your file not from when you pay it off and satisfy it