Settled accounts

Kieranjf

Hi guys,

Wondering if you could help. I got myself into sone debt a few years ago and I was stupid to just leave it leaving defaults on my credit file. I have now started to pay DCA's, which is making me relax more knowing that I'm doing the correct thing. Will these show as settled on my credit file and will the default start again as I've searched the Internet and some sites say that it does? And how will this affect my credit rating if any? I know I was silly and dont expect it to Improve , I appreciate this ad it's my own fault. Any help would be great thanks.

Tixy

How many years since your defaults?

Defaults stay on file for 6years from the original default dates. After that they 'drop off' regardless of whether settled or not.
If you finish paying them off before the 6years is up then they will show as satisfied defaults - which is a little better to new potential lenders but to be honest you'll still struggle to get any mainstream credit until the 6years are up.

Hannah_10

If you pay them off they will show as settled and a default can't be re-registered for a debt that no longer exists. So whatever way you look at it your file is improving as you repay.