We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
How long do defaults last
veridian
Posts: 5 Forumite
in Credit cards
Hi folks, basically i got myself into a major financial mess in the late 90s early 'noughties' which resulted in me borrowing from peter to pay paul..
It all came to a head in late 2004 early 05 when i defaulted on all 5 credit cards I had .. total amount nudging 30k. Gulp!.. However since then Ive been paying back around 1800-2000 a year, after agreeing amounts thru the CAB. now obviously these defaults are on my Credit record, but how long do they stay on there?.. Is it for 6 years from when I defaulted meaning they will all drop off in the next 18 months or is it when I finally pay back all that I owe?..meaning ill have another 10 years or so to wait?
Cheers S.
It all came to a head in late 2004 early 05 when i defaulted on all 5 credit cards I had .. total amount nudging 30k. Gulp!.. However since then Ive been paying back around 1800-2000 a year, after agreeing amounts thru the CAB. now obviously these defaults are on my Credit record, but how long do they stay on there?.. Is it for 6 years from when I defaulted meaning they will all drop off in the next 18 months or is it when I finally pay back all that I owe?..meaning ill have another 10 years or so to wait?
Cheers S.
0
Comments
-
its 6 years +1 day from issue. however it will continue to report as in default in the monthly payment report.0
-
The default and details of the account will remain on your report for six years from the original default date.
After that ALL details of the default and account should be removed, EVEN if the debt has still not been paid off completely.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards