Getting there, however............

Anna8_2

Hi all

I'm getting there and am about 3 months away from being debt free, finally.

I'm not proud of it but due to enjoying my twenties a little too much one of my credit card companies gave me the honour of a wonderful little number 8 on my credit file :sad: I went through the Citizens Advice Bureau as my debt was getting out of hand. I offered them what I could afford, as I did with my 5 other credit card companies and they accepted my offer. Within about 6 months of agreeing the reduced payment I paid the whole balance off, £2200.

None of the others awarded me the 8 thank goodness, however, this one did. I know that this is bad. My question is how long will it stay there? It appeared on there in 2003 and although I now have a good amount of dispoable income due to a better paid job and a lot less debt I know this will affect me if I try to get a mortgage or a loan for a new car.

Can anybody give me any advice on how to deal with this?

Thanks

moozie_2

Hi there

I don't know what the '8' means - possibly a default? If so, they stay on record for 6 years.

Keep making your repayments on time and I am sure your credit record is improving every day.

seven-day-weekend

Don't know the answer to your question but well done on clearing your debt!:beer: :T

Othrs will be along who are more knowledgeable than me!

oscar52

Most credit files have 12 - 18 months of payment history, it was quite far back, but as you were in a payment plan will probably remain on the file a little longer - however it would be marked as settled.

As for affecting a mortgage - dunno - can depend on the lender.

Others will know bit more than me.

oscar52

moozie wrote:

Hi there

I don't know what the '8' means - possibly a default? If so, they stay on record for 6 years.

Keep making your repayments on time and I am sure your credit record is improving every day.

8 means you have 8 consecutive late or missed payments - it is a default really, but some go for this after 6 late payments