Default date or settlement date on credit file

Cat_Astrophe

Having a bit of a panic here! Is this right

Say default date was 1/1/10
it would be gone from credit file on 1/1/16

But, if I settled the account on say 1/1/12
the default would be there until 1/1/18 :eek:

Please tell me I've misinterpreted this??? Desperately trying to pay off my DMP and settle the accounts....thought defaults would be gone by 2014 but now looks like it'll be another 6 years after I've settled them??? can see my plans flying out the window................

TakingControl

The default will fall of your credit file 6 years from default date, irrespectively if its settled or not

fermi

Cat_Astrophe wrote: »

Please tell me I've misinterpreted this???

You have misinterpeted this.

The default and ALL details of the account will be removed 1/1/16, NO MATTER WHAT.

The date you settle the account doesn't change that if you have a default.

It only for accounts that were never defaulted that the settlement date has an effect.

Cat_Astrophe

Ok thanks for the help! Phew.....

Just to clarify, I'm trying to do some f&f offers and understand my account will be marked 'partially satisfied' - will this vanish 6 years after the default was recorded? Or would I be better trying the settle the account in full with the default removed - I understand sometimes this can be negotiated.

Is fully satisfied any better than a partial anyway - or am I screwed in terms of credit rating eitherway because of the initial default in which case I may as well do partial settlement and it'll be wiped off end of next year anyway????

Sorry for the questions, I just want to know what to do for the best.

Also does AR on a file mean 'arrears'???

Thanks

fermi

Cat_Astrophe wrote: »

Just to clarify, I'm trying to do some f&f offers and understand my account will be marked 'partially satisfied' - will this vanish 6 years after the default was recorded?

Yes. Partial settlement flag does not change when it is removed. It is 6 years after the default in ALL cases. No matter what else is on the record.

A partial settlement flag will make little difference on your file, especially as you say as it's already defaulted.

Haven't checked in a while but I seem to remember that AR = arrangement?

Cat_Astrophe

Thanks so much

So I may as well try for a partial settlement then to get rid. Then after the 6 years is up that will also disappear too - even if only just done? That would be great!

Thanks

fermi

Yes, even if just done.

Every singe trace of an account on your credit files is removed 6 years after a default. No matter what.

DFault

Hi. I am in a similar position and would just like a small clarification please.

I defaulted on an overdraft on my Nationwide Flexaccount in January 2007 and partially repaid to settle in July 2007. From what you describe, all records of this will disappear from my credit record shortly after January 2013.

I still have a mortgage with Nationwide and another Flexaccount. If I do any further business with Nationwide, say applying for their credit card for example, do they use their own records which may go further back than the credit reference agencies' records?

Thanks.

fermi

They can do, yes.