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Getting defaults removed by negotiating with the creditor??
loudand
Posts: 6 Forumite
Hi,
About 4-5 years ago i wasn't as responsible with my finances as i am now. I have 4 defaults on my credit file, 3 from Lowell financial and 1 from credit manangement agency they total £1651.00.
I now want to move foward and get a mortgage in the not to distant future but i realise that this will not be possible with these defaults on my credit file.
I am now able to pay these debts off in full but before i do was curious to find out if it would be possible to negotiate with the 2 companys.
What i want to ask is 'if i make a full payment, will you remove the defaults??''
I'm want to find out if this has worked for anyone because if it doesnt i might as well let another 2 years ride out and let the defaults be removed after the 6 year mark.
Thanks in advance,
A
About 4-5 years ago i wasn't as responsible with my finances as i am now. I have 4 defaults on my credit file, 3 from Lowell financial and 1 from credit manangement agency they total £1651.00.
I now want to move foward and get a mortgage in the not to distant future but i realise that this will not be possible with these defaults on my credit file.
I am now able to pay these debts off in full but before i do was curious to find out if it would be possible to negotiate with the 2 companys.
What i want to ask is 'if i make a full payment, will you remove the defaults??''
I'm want to find out if this has worked for anyone because if it doesnt i might as well let another 2 years ride out and let the defaults be removed after the 6 year mark.
Thanks in advance,
A
0
Comments
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Firstly an old default that is SETTLED counts for a lot less than an active default... but you can always try asking the creditors... I just wouldn't hold much hope... at the end of the day the default is there to show lenders what kind of debtor you are and if you could get them removed easily they would be virtually pointless...DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0 -
Firstly an old default that is SETTLED counts for a lot less than an active default... but you can always try asking the creditors... I just wouldn't hold much hope... at the end of the day the default is there to show lenders what kind of debtor you are and if you could get them removed easily they would be virtually pointless...
Ok thanks for that, it might be worth an ask, i will however pay the defaults regardless.0 -
usually the answer is no when dealing with lenders, however if a debt collector entered the default on your file then there is probably more chance of them agreeing to remove the default for a full offer of repayment as they are primarily a collection company and more likely to negotiate in order to collect the debt.
just get everything in writing as they'll tell you anything over the phone, doesn't mean they'll do it......."A wise man once told me don't argue with fools because people from a distance can't tell who is who"........0
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