Question about Defaults on Credit Reccord

Emma29

Hi Every one,

I am a newbie here.

Just wondered, I have a Default on my credit record and the creditors have said even if I pay it up the default will stay on my record for 6 years.

Is this tryue? If so whats the poiont of paying it off? I dont mean that in a rude way.

Thank you

fermi

Emma29 wrote: »

Is this true?

Yes.

Emma29 wrote: »

If so whats the poiont of paying it off?

a) The debt would then be marked as "settled". Looks marginally better on your credit report.
b) There would be no prospect of the creditor taking you to court over the debt.

Emma29

Thanks for this.

If A default has been placed by one company but they no longer hold the account. Who would I wirght to about full settlement and possible removal of the default?

Thank you

Rico6.9

I'd write to the company that issued the default or even just phone them to discuss.

6 years is a long time at higher APR's (unless you're in a position of not having to borrow in that time).

A default is a particular pain when trying to buy a house in a rising market.

If they're not understanding, there's a chance that threatening to sue may get them to remove the default.

I'd be interested to hear if you're successful. It could be me quite soon!

never-in-doubt

Try sending this to the debt owner for F&F Settlement: 8. Default Removal - Offer of F&F Settlement


Regards to actually getting the default removed; assuming they decline the letter above - try this sneaky little trick: Invalid Default Notices - Default Removal