Stupid question on defaults

clarab_3

Folks I know this is a stupid question but im trying to spring clean my credit file. Not to apply for anything, but because its better to do now while the mess is fresh than 6 years down the line.

I've only ever defaulted once, and accept that it will take 6 years to drop off my record (5 to go...) however the payments are now up to date and have been made on time regularly for 12 months. Will the account stay at defaulted for 6 years with no record that I am still paying it off? It seems a bit bizzare that no record is being made of the repayments... its a mortgage!

January20

My understanding of a default is that it will remain on your account for 6 years but that when you settle the balance -for a cc for instance- then the fact the debt is settled is written on your credit file. I didn't think anything else was written.

Of course, I could be wrong. We'll soon find out

icklejulez

I finally settled my 4 year old default just before xmas from a previous bank account now when my hubby went into Halifax to discuss something with them their advisor told him the 6 years is from the date the default is payed off. Ive never known myself but I thought 6 years was from the date it was added to my credit file. I am now totally confused and have asked a few questions myself but no-one ever seems to really know. Funny really when theirs so many of us on here with defaults.

clarab_3

icklejulez wrote:

I finally settled my 4 year old default just before xmas from a previous bank account now when my hubby went into Halifax to discuss something with them their advisor told him the 6 years is from the date the default is payed off. Ive never known myself but I thought 6 years was from the date it was added to my credit file. I am now totally confused and have asked a few questions myself but no-one ever seems to really know. Funny really when theirs so many of us on here with defaults.

I was sure it was from the date of default!! figures...

See, i didnt expect my default to go, but i somehow expected the fact i was paying my mortgage to be recorded somewhere - by the time the default expires, the mortgage will almost be complete - down to £20k or something!

file_wizzard

A full default will naturally expire from your file 6 years from the date of default, the date of settlement or otherwise is irrelevant ( although a “satisfied” default is marginally less damaging than an active one)

If you miss a payment and receive a delinquent mark or a “1” or “2” for late payment these are normally disregarded after 2/3 years

Any marks of “3”“4” “5” “6” or a full default will normally precluded you from any mainstream credit products for the full 6 years from event entry

icklejulez

Im glad you've cleared this up for me I cannot believe then that an advisor from my bank is giving out the wrong information. I feel better and back on plan with my credit!!!