will defaults be removed

singledaddy

thanks fermi, that seems to be whats happening.
by the way, the two debted accounts list their default dates as november 2006 (HSBC) and december 2007 (NRock).
Each of them has a note saying "A defaulted account is removed from your report after six years whether or not you have paid the debt in full."
does that mean that in nov 2012 and december 2013 they will both be removed from my record?

TakingControl

It does, defaults are removed 6 years from default date

singledaddy

a different credit card one with hsbc has a default date of april 2007. this does not have the note attached saying "A defaulted account is removed from your report after six years whether or not you have paid the debt in full."
does this mean that it wont be removed? are the rules different for credit cards?

fermi

singledaddy wrote: »

thanks fermi, that seems to be whats happening.
by the way, the two debted accounts list their default dates as november 2006 (HSBC) and december 2007 (NRock).
Each of them has a note saying "A defaulted account is removed from your report after six years whether or not you have paid the debt in full."
does that mean that in nov 2012 and december 2013 they will both be removed from my record?

Yep, it does.

If you're not familiar with how credit reports are laid out and reported, it's an easy mistake to make thinking that the line of Ds 8s or whatever mean they are recording fresh default. They are not. It's just a status update. i.e still defaulted... still defaulted... still defaulted.. ad infinitum until the account is finally settled or it all drops off 6 years after the initial default.

singledaddy

cheers fermi, what about the one that doesnt have the note on? will that one disappear after the 6 year peroid as well?
sorry about asking dumb questions, but i simply dony know the answers

fermi

As long as the debt is recorded as being defaulted, it will be removed from your report 6 years after the recorded default date. No matter what else is or isn't there.

singledaddy

cheers mate.
another dumb question......... if i pay off one of the defaults will it disappear early or will it remain until the 6 year mark.
cheers for your help mate, im new to all this.

fermi

singledaddy wrote: »

cheers mate.
another dumb question......... if i pay off one of the defaults will it disappear early or will it remain until the 6 year mark.
cheers for your help mate, im new to all this.

Paying it won't remove the original default. It will just mark it as settled, with a final "s" etc on the status history.

The default and all record of the account will still come off your report 6 years from the default date, paid or not.

However, paying it would obviously prevent the risk of you being taken to court for it in the meantime. A court judgement would be recorded as a separate item on your credit report for another 6 years, even if the original default dropped off.

singledaddy

cheers mate.
theres no danger of a ccj as im making regular affordable payments. iwas going to increase them and get rid of it early. but i think now i will just keep making the same payments as this means i get rid of them in the next 12 months.
my default dates on the 3 different debts are nov 2006, april 2007 and dec 2007.
so from what people have said my record will be clean by dec 2013???? is that right? if so i am very happy!!

fermi

singledaddy wrote: »

so from what people have said my record will be clean by dec 2013???? is that right? if so i am very happy!!

If that is the only negative info you have, then yes.