Paying it off and credit files

mustdash

Firstly, apologies if this is covered elsewhere or in the wrong place.

In brief;

I fell out with Capital One at the back end of last year over a sum of £350. They have passed it to their inhouse 'Debt Recovery' team, Debitas and have lodged a default on my credit file. I am paying off the debt now on a payment plan, and will have it cleared within 6 weeks or so. From others experience, what is the likelyhood of having the default notice removed from my file when the debt is settled? I've read elsewhere that sometimes a letter requesting it to be removed (in the cases of amounts under £500) can do the trick. I am in the process of applying for a job that this default could potentially thwart. The rest of my credit score is now all green.

Also, what is the general time frame for companies to update credit files. I've just paid off a small loan with HFC and have been told that it will take them 6 - 8 weeks to update my file to show as settled! This is a bit too long in my opinion!

Thanks for your help.

Tixy

Yes things usually take around 6weeks or so to hit your credit report.
Basically it can take your creditor a week or so to finalise the account for your settlement, then creditors update the CRAs once a month and it might then take a few days for the CRAs to put that info on your credit file. It all depends when you hit the monthly update as to how long it will take.

I would think it is fairly unlikly that you will get the default removed. Did they send you a correct default notice originally? If you can afford to make full payment for the debt occasionally they will remove a default but I believe banks are less likely to do this than phone companies and catalogues etc - still its worth a try.