Advice Needed for a noob!

WantToBDebtFree

Hi All

I'm after advice and thought this would be the best place to start. Firstly, I want to stand up and say "I am in debt and i need help!"

Things have been a lot worse than they are right now, but i am still a way of being totally debt free.

The advice needed is relating to my credit file. I admit that i have been a total prat in the past and made some very bad decisions. I am now wanting to correct my mistakes.

On my credit file, I have a lot of satisfied entries. Some of these on previously defaulted credit accounts, some of them not.

How long do these stay on my credit file for? Can i have them removed? if so, how?

Is it better to have the defaulted account settled or just let it 'fall off' after 6/7 years?

How long do settled CCJs (I have 2) stay on my file?

Is there any way i can start rebuilding my credit file? - I can hold my hand and say i have not fallen off the wagon once in 2 years and all payments are up to date. It's a struggle, but every month something else is paid off and it gets easier.

I eventually want to get a mortgage but i know at this point, i stand no chance so am forced to pay out £850PM in rent.

I've seen a lot of success stories on these forums and i hope i can be one.

Thanks for reading and i apologise if i have waffled on

Regards
M

GeorgeUK

Defaults stay on your file for 6 years from the date they are entered.
Settled defaults are better than outstanding ones, but there isn't much of an increase in your credit score.

CCJ's stay on your file for 6 years unless the creditor asks that it be renewed each year on your credit file.

Getting the defaults removed is next to impossible, especially if they are settled. I don't think you should waste your time trying that. Are you in a position to make reduced settlement offers on any of the debts? You may be able to negotiate a lower amount to pay in one lump sum - just make sure it is a full and final settlement and not a partial or short settlement.

If you have alot of defaults on your file, it may not be worth doing the negotions - some people offer a reduced F&F on the condition that the creditor removes the default. Any defaults will impact your credit score so i don't think you would need to even mention removal of defaults if you did make an offer unless they are quite spaced out.

dark^knight

Hi M,

Good luck on starting your journey to being debt-free.

If you post your SOA on here, people will be able to provide advice on how to reduce your outgoings and increase your income.

SOA: www.makesenseofcards.co.uk/soacalc.html