Defaults on Credit File

jamesdono

Can any1 explain if these will drop off my credit file next month? I was prev payin Lloyds through a DMP which i have now ceased as i am payin creditros off without DMP fee's..I am speakin at the mo to Lloyds to reduce the value of the PPI (£952) off the outstanding balance...I have another similar default list to this on a lloyds tsb CC and wondered if them defaults would also drop off my credit file??


i have constant D's on my file from AUG 2005 to JUN 2011 (i havent' paid this month yet) - even tho over the period of the last 5 years i have been payin amuounts from my DMP - the original amount wasabout £4k in default...so am confused whether this will stay on my credit file?

fermi

If it was defaulted back in August 2005, then that default and all details of the account should come off the report in Aug 2011.

jamesdono

thanks, altho i do acknowledge payments have been made since then so i will need to keep up goign forward otherwise they can assign a new default , is that correct?

jamesdono

i mean acknowledge defaults by the fact that i can't claim it is statute barred and i don;t have a case against lloyds to stop chasing the debt

fermi

No. Once the current default falls off your file, they cannot add another one, no matter what the subsequent payment history may be.

That doesn't mean you can just stop paying without consequence. In theory they could still go for a county court judgement if you did, which would be a different marker on your file for 6 years.

But never, ever, another default.

fermi

jamesdono wrote: »

i mean acknowledge defaults by the fact that i can't claim it is statute barred and i don;t have a case against lloyds to stop chasing the debt

No. The fact that you can been paying regularly means the debt can't be statute barred.

jamesdono

thanks Fermi for your swift and clear responses , very much apprecitaed...one last question if it isn;t too much trouble...will my credit score rise once these drop off, if only slightly ? i have a 464 credit score and am working relentlessly to clear as much as i can , since jan 11 i have moved into a flat as a private tenant and so am having regular bills go out on time via direct debit, IE gas, phone, Tv, rent, water, Elec, Tv license, Insurance etc so i should start to see it rise again soon ?

fermi

I would have though it would go up.

Honestly though, the credit scores that you get from credit reference agencies are pretty meaningless. Each potential creditor would assess you on their own criteria based on the information on your report. The credit score from the agency would play little or usually no part in that.

If you haven't read it already, then have a good read through the main article.

Credit Rating: How it works and how to improve it