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JBBoldman

This month I have finally become debt free. :j

In July 2007 I defaulted on three credit accounts when I split up from my ex-wife.
With the help of the CAB I wrote to the collection agencies and explained my circumstances and arranged affordable interest free monthly payments.
I paid the first one in full in June '10 and the last two, in full this month.

My question is how long will these affect my credit rating adversely?
Is the six years timed from the date I actually defaulted, or from when I paid the defaults off in full?

I am starting to save towards a deposit to buy a house and am hoping that in 2 and a half years that my bad credit will disappear, rather than having to wait 6 years from now.

simax

It's six years from when you defaulted, not from when you paid it off.

Ravanelli

simax wrote: »

It's six years from when you defaulted, not from when you paid it off.

Is the first time you miss a payment classed as the "defaulted".

Or does any reduced monthly payments as with a DMP count also as a default every month till the end of a DMP?