Why is a settled default no better than an unsettled one?

stamina9008

It's really frustrating me...!!!

I want to pay off these 3 defaults that i have on my file, doing so is gonna be HARD WORK and the last one will expire in 2015, so only a little over three years..
I hear that a CCJ might be issued at anytime upto the expired date of the default, throwing another six years of anguish onto my file.
But generally, and from what i hear, most people's defaults simply drop off after six years without a CCJ ever being issued.
My intention is to build my file before they expire, by paying them off and obtaining a high interest credit rebuilding card but..

To put it simply -
Hard work/paying the debts/settling will = 10 for effort

Reward/the difference between "settled" and "unsettled"/change to file = 0 for reward

Punishment/vague chance of a CCJ if i leave the defaults = -10 detrimentally

So, really, its a no win situation designed to punish and intimidate, pure and simple.

Yes yes yes, its my own fault, but atleast offer people an incentive to want to redeem themselves..

Can anyone offer something positive, or maybe some advice germane to the difference between a settled and an unsettled default that i havent already heard?
I doubt it.
Bye.
Have a great great great great day :mad:

JustinCredibleGillespie

Any default is damaging to ones credit file regardless of whether its settled or not, although a settled default does look better than one with a balance, to any potential lender.

Thats basically it, in a nuts shell.

JCG

Westminster

Well once the debt is settled - they can't then issue a CCJ - so settling is worth doing to limit the damage.

rising_from_the_ashes

Westminster is correct - imagine if you got to 5 years and 6 months and they issued a CCJ......

Also, I managed to get a mortgage with a four year old "settled in full" default on my file (and no other "mistakes" since it had happened) - I almost certainly wouldn't have got it if it hadn't been settled so that is in itself "reward" for paying it off.

hbslc

I have 3 defaults on my credit file which are dated 2007, so approx 2 years remaining. 2 of which have failed to provide me with the original credit agreement. Are you saying that at 5 1/2 years these 2 could simply apply for a CCJ?

chanz4

5 years 11 months they could apply for a ccj, as long as its within the 6 year window.

yellow3

I too have an unsettled default, 6 yrs old jan '13.
If they were to issue a ccj would I be informed first? Would I have the chance to appeal the ccj?? If that makes sense?

I think I am probably best doing a full and final with mine it's only for 160, deffo not worth getting a ccj for!!!!

DVardysShadow

yellow3 wrote: »

I too have an unsettled default, 6 yrs old jan '13.
If they were to issue a ccj would I be informed first? Would I have the chance to appeal the ccj?? If that makes sense?

I think I am probably best doing a full and final with mine it's only for 160, deffo not worth getting a ccj for!!!!

If you don't run away and make it difficult to be contacted, this should not arise.

The creditor cannot issue a CCJ [county court judgement]. These are [by coincidence] issued by County Courts. You not only get the opportunity to appeal a CCJ, you get the opportunity to argue your case in front of a judge before a CCJ is granted. And if your case is good enough the CCJ won't be granted.

Once more, because it seems to be a common misunderstanding. A creditor cannot issue a CCJ, they can only apply for one to a court.

hbslc

How does one apply pressure on creditors to provide the original CCA, and having failed to provide to write off the debt such that it is no longer on one's credit file?

hbslc

Further to this does anyone now how to get a default removed? I referred Black Horse to FOS in 2009 because they failed to explain why my outstanding balance was as high as they thought. Since they've added a default to my credit file, agreed to refund 55% of the outstanding balance and sold the debt to a DCA. IMHO whilst we were in dispute the default should never have been added not should the debt have been sold. FOS adjudicator says FOS doesn't have the power to enforce removal of this dispute, that the only way of doing so would be to take Black Horse to court.

Would the FOS Ombudsman have the power and/or Is there any other way of getting it removed?
Are there any good reference sites online to describe defaults/settled defaults/etc...?

Thanks