Defaults

wizzywig27

Hello

I am hoping to pay off some defaults on credit file, however I do not know how to approach this. I read some time ago something about a delinquent balance? Also, is it possible to negotiate with them and ask them if I pay it off for them to remove all record of it from my credit file?

thanks

wizzywig27

to add to this, I have noticed the following on my credit file:

Default Date: 23/03/07
Current Balance: £805
Default Balance: £147
Account Updated to 28/03/10

so am I right in saying that I have £658 of interest and charges (if so can these be removed?)

will the default be removed in 2013 (default date) or 2016 (updated to)?

Funny thing is, there are two additional defaults to same company at around same time and on both of them, the default balance and current balance are the same?!

Curr946

well, sound like they are recorded the debt more that once, this you can clearly get removed by them, or if they decline, ask the CRA to remove them.

NOw, they can charge add interest and charges, and there is no law saying they have to remove these fee, however, if you agree to pay the outstanding balance they may just do this. Removing the default will be tricky, but can be done. Just tell them as part of your agreeing to pay, they remove the default. Get an offer letter from them before you pay.

If you do nothing, the default will drop off in 2013, 6 years after the default date.

wizzywig27

Curr946 wrote: »

well, sound like they are recorded the debt more that once, this you can clearly get removed by them, or if they decline, ask the CRA to remove them.

NOw, they can charge add interest and charges, and there is no law saying they have to remove these fee, however, if you agree to pay the outstanding balance they may just do this. Removing the default will be tricky, but can be done. Just tell them as part of your agreeing to pay, they remove the default. Get an offer letter from them before you pay.

If you do nothing, the default will drop off in 2013, 6 years after the default date.

so I now run the risk, that if I contact them, I will be then owning up to the debt, so in theory it will be another six years, or I can let it fall off in a year?

and also, there are three defaults to the same company, unfortunately I was silly and took out three mobile phone contracts when I worked for a company

Tixy

No matter what you do it will fall off your credit file 6years after the default date - paying towards it now won't make any difference to your credit file.
Though it would make a difference to whether / when the debt night become statute barred.



Given its a mobile phone contract - it may not all be interest & charges, some of it may be the remainder of the contract you were contracted to pay (the original defaul amount may have just been a few months fees).

Offering to pay a reduced full & final settlement can often work. Its rare that creditors will agree to remove a default if you pay up - though slightly more likely you would be successful with a mobile phone company than a high street bank.

wizzywig27

Tixy wrote: »

No matter what you do it will fall off your credit file 6years after the default date - paying towards it now won't make any difference to your credit file.
Though it would make a difference to whether / when the debt night become statute barred.



Given its a mobile phone contract - it may not all be interest & charges, some of it may be the remainder of the contract you were contracted to pay (the original defaul amount may have just been a few months fees).

Offering to pay a reduced full & final settlement can often work. Its rare that creditors will agree to remove a default if you pay up - though slightly more likely you would be successful with a mobile phone company than a high street bank.

ok, I will give you some more information, it is currently with BCW Group who are texting me quite a bit, but I have not contacted them. The company shows up on my credit file as CPW.

As things stand, one falls off in Jan 2013, one in Mar 2013 and one in August 2013 - although I stopped paying all of them at the same time.

So as I said, if I offered to pay it all off now, they will remain for 6 years from now (or date I pay it all off) - yet if I leave them, they will drop off on the dates above?

am I right in saying that even though it was updated in 2010, they will drop off on the default date NOT the date fil updated?

fermi

wizzywig27 wrote: »

So as I said, if I offered to pay it all off now, they will remain for 6 years from now (or date I pay it all off) - yet if I leave them, they will drop off on the dates above?

am I right in saying that even though it was updated in 2010, they will drop off on the default date NOT the date fil updated?

Accounts will always fall off 6 years after the default date.

End of. No matter what you do.

Paying doesn't change that. Neither does whatever the "last updated" date says.

Tixy

wizzywig27 wrote: »

So as I said, if I offered to pay it all off now, they will remain for 6 years from now (or date I pay it all off) - yet if I leave them, they will drop off on the dates above?

No they will drop off 6years from the date of default regardless of whether you pay them now or not.

wizzywig27 wrote: »

am I right in saying that even though it was updated in 2010, they will drop off on the default date NOT the date fil updated?

The default date.

wizzywig27

Thanks everyone