Settlement and entry on credit file

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sickasachip13
sickasachip13 Posts: 1,190 Forumite
in Debt-free wannabe
Hi all,

So, I understand about the partial settlement marker bit. What I am wondering is does that marker have a 6-year life of its own, or does the six years only run from the time of default by that creditor?

So, hypothetically, if I was defaulted by a creditor in 2010 and had a F&F settled by the same creditor in 2015, would the 'negative' entry last until 2016 or 2021?!

Cheers dears.
SAAC

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  • fermi
    fermi Posts: 40,546 Forumite
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    2016.

    When the default is removed after 6 years, all details of the account are removed along with it. No history, balances, settlement details or others markers can remain.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • sickasachip13
    sickasachip13 Posts: 1,190 Forumite
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    Sweet. Thanks Fermi. I was hoping that would be the case :-)
  • einalem
    einalem Posts: 83 Forumite
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    what about if there is still a balance on the account would the account still be on your file then?
  • fermi
    fermi Posts: 40,546 Forumite
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    einalem wrote: »
    what about if there is still a balance on the account would the account still be on your file then?

    No. Makes no difference.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • sickasachip13
    sickasachip13 Posts: 1,190 Forumite
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    Hello again,

    I'm hoping you can help again Fermi.

    I've checked through my paperwork and have found that five of our current 17 creditors have not defaulted us. So, can they apply a default at any time? Four of the five are those we owe the lowest amounts to and we may be able to try for F&Fs with a bit of family help. I'd kind of like to get the defaulting / registering of the partial payment listed asap.

    Does that make sense?

    SAAC
  • sickasachip13
    sickasachip13 Posts: 1,190 Forumite
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    Bump for Fermi :)
  • GeorgeUK
    GeorgeUK Posts: 7,737 Forumite
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    As i recall, the date of the default must be no later than 6 months after the account was defaulted (1st missed payment). I recall some people having a hard time trying to get the creditors to abide by this, but if they have not issued a default - i don't think they are under any obligation to do so.

    I'm sure someone that is still up to speed on all this will reply soon.
    After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91

    Dad Gift 6k ¦ Savings & Inv Tst: £2,500
    Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0

    Total Owed: £2,270 (+6k) 11/08/2011
  • fermi
    fermi Posts: 40,546 Forumite
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    It can be quite complicated, depending on what your payment history has been and how that relates to the contractual payments. Plus whether registering a recent default would be fair now.

    See: ICO - Filing defaults with credit reference agencies
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
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