Credit report help - Moorcroft

RPenaluna

Hi

I hope someone can help me

I had a credit card which has since passed over to Moorcroft. The default date on my credit file is November 2006, status open.

I have been paying Moorcroft £27 a month for about 2 years and each month the balance on the outstanding amount is updated on my credit file but nothing else to say that i am making payments, it is still marked as a default from November 2006.

It says Reported until: November 2012.

So my question is this...

Will this be removed from my credit report in November automatically or will this remain on there until I finish all my payments (£1,258 outstanding).

I am unsure whether to offer them a 50% settlement figure as I wish to improve my credit score and if they agree would hope they would mark it as default settled or what ever it is they mark it as or would i be better paying the £27 a month if it is meant to come off in November 2012 anyway.

Any help is much appreciated thank you x

Tixy

It will come off your file automatically in November 12 - regardless of whether full paid at that point or not (though of course you would still need to pay the remainder).

If you offer a reduced settlement which they accept they will probably only agree to mark it as partially satisfied (but with no balance outstanding).

RPenaluna

Thanks Tixy, so it should come off even though the status says open?

I might as well keep my money if they do not offer a decent settlement as it shouldn't be affecting my credit rating anyway and I don't really notice the £27 a month going out of my a/c now.

I wasn't sure if I paid a settlement and they updated the default whether it would remain another 6 years as it had been updated as such?

Many thanks