Will my defaults ever drop off ?

gilligansyle

By paying at least token payments you at least stop the hassle you will get from the creditors and maybe stop it being passed to the likes of Lowell and Mackenzie Hall, Connaught Collections to name but a few who will be likes dogs with bones. IMHO it is better to be debt free by paying something. That said, I have recently had an old default 'fall off the edge' but it was disputed anyway so I was never going to pay anything on it.
Others have got defaults registered in 2004 and 2005 which I am making payments on

Tixy

moneyburner wrote: »

Hi,

I have 3 defaults on my account, if they drop off in 6 years is there any point in paying them??? Sorry if this seems like a stupid question!!!

Well they can chase you for this debt for 6years from when you last made a payment. This may include selling on to a DCA who may bombard you with calls and correspondance to get you to repay.

They could get a CCJ against you (which would then appear for another 6years) and could mean they could chase you for longer. If they have a CCJ they could also in theory appoint baliffs to recover goods from you or apply for an attachment of earnings where they recover money from your salary before you receive it (could be embarrassing at work?)

Plus these banks/financial institutions (and any they are associated with) may never lend to you again.

Plus (providing you do not dispute the debt) and perhaps most importantly the point in paying them is because you owe them.