will defaults be removed

singledaddy

I have two debts, one with Northern Rock and one with HSBC.
I have got these debts down to a level where I will shortly be able to pay them off.
I had a few defaults on these debts in 2008 and 2009.
When I settle these debts will these defaults be removed or marked as settled, or will the defaults stay on my record until the 6 year mark?
many thanks in advance for help

rdchick

Hiya

the defaults will say 'settled' shortly after they have been paid in full but the defaults will stay there for another 4 and 5 years I'm afraid. Settled defaults are a smidgen better than unsettled defaults but still not well thought of unfortunately

Hope that helps xxx

singledaddy

thanks for your reply. not great news, but i appreciate the answer

rdchick

I know it does suck, unfortunately defaults are generally only removed if there was an error in giving it to you in the first place but I assume there wasn't an error so sadly it will remain there as a record of once being a bit rubbish with finances

However I have heard that after a few years of good credit handling you will be able to get the high risk credit to start building a good rating for when your defaults drop off xxx

TakingControl

singledaddy wrote: »

I have two debts, one with Northern Rock and one with HSBC.
I have got these debts down to a level where I will shortly be able to pay them off.
I had a few defaults on these debts in 2010 and 2011.
When I settle these debts will these defaults be removed or marked as settled, or will the defaults stay on my record until the 6 year mark?
many thanks in advance for help

Do you mean defaults as in you defaulted the credit agreement or late payment markers? Huge difference. You can only default once and not multiple times.

Defaults fall off your credit file 6 years after the default date

singledaddy

i have been paying them £20 a month for the last few years (its an agreement we entered into when I lost my job and couldnt make the original payments), but each year they put a default notice on my record.
i havent missed a payment, but the default go on each and ever year.
is this cos i have defaulted on the original loan?
i was hoping that with this agreement in place i wouldnt get any defaults. was shocked to find them on my record.

my credit score is 972, which i think is pretty good, but these defaults are killing me

KingElvis

Defaults are about as welcome as a pube in a trifle.

singledaddy

but surely if i have made the agreed payments for the last 3 years then i shouldnt still be getting defaults on my record?

Hazzinho

You didn't make the original agreed payments which is why it is marked default. Unfortunate when you lose your job but little you can do.......Unless they would agree to mark as in arrangement which is a bit better

Ben8282

singledaddy wrote: »

but each year they put a default notice on my record.
i havent missed a payment, but the default go on each and ever year.

A credit agreement can be defaulted ONCE and ONCE only. Please double check what you are writing and advise.

fermi

singledaddy wrote: »

i have been paying them £20 a month for the last few years (its an agreement we entered into when I lost my job and couldnt make the original payments), but each year they put a default notice on my record.

Once defaulted, the monthly status codes on your report will say "D" or "8" every month until you settle the account.

It doesn't mean they are adding a fresh default each time. They are just updating the status to indicate that the account is still defaulted but and not settled.