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Default and Credit History Question

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Comments

  • sgx.saint
    sgx.saint Posts: 1,615 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Its only as long as you make it out to be.

    I am back at University for four years .... so its not to bad :)
  • Mike_St_Helens
    Mike_St_Helens Posts: 3,414 Forumite
    Lucky thing... mind you... when i was a student, had £300 to pay rent etc etc etc and still managed to get trollied every night !

    Id love to go back to uni... Just cant afford too ! Would love to be Dr Mike.
  • Dr.Shoe_2
    Dr.Shoe_2 Posts: 1,028 Forumite
    Am I right in thinking that if the debt has gone to a Debt Collector that interest has effectively been stopped?
    [strike]-£20,000[/strike] 0!
  • Donedoingdebt
    Donedoingdebt Posts: 1,196 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    Dr.Shoe wrote:
    Am I right in thinking that if the debt has gone to a Debt Collector that interest has effectively been stopped?
    You will have to contact the DCA for that & you may have to negotiate. Some will automatically stop interest & charges, some won't. As far as I understand it, the defaults will stay on your file until 6 years from date of default. The information about how you've run the account since will remain on your file until 6 years after you've settled the account.
    Donedoingdebt Lightbulb moment January 2000. Debt at highest approx £102,000. Debt now (October 2009 - absolutely fork all!!!):beer:
    CSA case closed on 02/09/10 :beer::beer:
  • sgx.saint
    sgx.saint Posts: 1,615 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Lucky thing... mind you... when i was a student, had £300 to pay rent etc etc etc and still managed to get trollied every night !

    Id love to go back to uni... Just cant afford too ! Would love to be Dr Mike.

    Well I've got nothing to loose financially really. My credit history cant get much lower, so I thought screw it.

    I really enjoy the idea of being challenged academically again. Also the achievement of earning a degree etc....
  • sparkle84
    sparkle84 Posts: 297 Forumite
    Part of the Furniture Combo Breaker
    Creditors will not simply remove a default, even by asking. They will only do this in very rare circumstances, IE : if they are at error or there is a legal issue.

    I wasnt too sure about the 6 year thing, I was under the assumption when I completed my CRA Exams it is only cleared off your file after 6 years of non payment or non contact. However most banks 'sell' the default on and DCA's then collect the payment, therefore you have no need to contact the orig lender and the default will infact fall off your file after 6 years, even though you are still paying the DCA.

    A default is removed 6 years after date of issue eg Default Date 1/1/2000 it will fall off your credit file on 2/1/2006 - a default cannot be re-registered it is one debt, one default, one date. What you are confusing it with is a debt being statute barred which it is after no contact between creditor and debtor for six years.
  • vwman_3
    vwman_3 Posts: 688 Forumite
    You will have to contact the DCA for that & you may have to negotiate. Some will automatically stop interest & charges, some won't. As far as I understand it, the defaults will stay on your file until 6 years from date of default. The information about how you've run the account since will remain on your file until 6 years after you've settled the account.

    I had a default and was asking advice on the CC board, check it out there, but it appears that after 6 years it's off your file altogether, how or whether you paid it also goes, so in effect it's as if it didnt exist.
    Aiming to be debt free....but still off target
  • Donedoingdebt
    Donedoingdebt Posts: 1,196 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    vwman wrote:
    I had a default and was asking advice on the CC board, check it out there, but it appears that after 6 years it's off your file altogether, how or whether you paid it also goes, so in effect it's as if it didnt exist.
    Sorry to sound daft, but what's the CC board & how do I get on it?
    Donedoingdebt Lightbulb moment January 2000. Debt at highest approx £102,000. Debt now (October 2009 - absolutely fork all!!!):beer:
    CSA case closed on 02/09/10 :beer::beer:
  • vwman_3
    vwman_3 Posts: 688 Forumite
    Sorry to sound daft, but what's the CC board & how do I get on it?

    Sorry, it's the Credit Card board on this site, some damn good advice there as are all the boards.......
    Aiming to be debt free....but still off target
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