Default Question!!!

darkman13

I am negotiating for a discounted settlement on a old defaulted credit card account. I have checked my credit file and realised this company in question was reporting a default every month for about two years now, naturally! I ask these question so i know my ground when negotiating...

If I don't pay does it default every month until 6 years of the anniversary when it first defaulted to be all wiped out? or Does the default continue forever and every 6 years of the month it started to default one by one wipe while at the same time on the other end of the time frame new defaults added at a monthly basis.

F&F settlement is out of the question states the credit card only partial will be accepted, if i accept partial would they still keep on threatening me or should i just go for the £1 monthly and how would that reflect in your experience on my credit file.

thanx in advance.

McKneff

The default will automatically drop off your credit file on the 6th year anniverasary of the default date.

Stop worrying about the monthly thing.

Good luck

darkman13

thanx for the fast clear reply:)

Tinytee67

Hi,
Not sure if this is the right place to post this. Anyway, in 2007 I handed in my keys to my house, in effect it was repossessed. I walked away and buried my head in the sand for a long time. With all the PPI stuff, recently I decided to face my problems. I contacted the previous mortagage company, to find out what the property was sold for, they in turn told me to contact the solicitor to obtain a completion statement. After a lot of twoing and frowing, emails and phonecalls I was sent the statement which showed the mortagage balance was paid off in full when the house was sold (Nov. 2007), however, having checked my credit file, the mortagage company still have me owing the dept, although this has been paid. Although this will come off my credit file next year, I am unhappy that it is still showing that I owe nearly £90,000, is there anything I can do to get them to correct the information on my file.

Thanks.

McKneff

You'll get more response if you cut and paste this into a new thread of your own, sorry.

Kimberley

McKneff wrote: »

The default will automatically drop off your credit file on the 6th year anniverasary of the default date.

Hi

I hope you don't mind me asking but what do you mean by this? I defaulted on a payment in April, does that mean the default shows up each month on my credit file?