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How long will my defaults stay on my credit file?
VeryWorried
Posts: 6 Forumite
Can anyone clarify how long it will take for my credit rating to clear if I am on a DAS (basically agreed payments with my creditors)? I have 9 years to go until I finish paying off my debtors but they have been showing as default for a year. Do I need to wait until 6 years after I have fully paid debts a total of 16 years? Or is it 6 years from when I defaulted and even though in years 7 to 10 I will still be paying off debts it will not show on my credit rating.
The main reason I am worried about this is that if I lose my job I will not be able to get a similar job at the moment because I am an accountant and my area of expertise is working for banks and they would credit check me as part of application process - really worried about losing job and not being able to get another one!
The main reason I am worried about this is that if I lose my job I will not be able to get a similar job at the moment because I am an accountant and my area of expertise is working for banks and they would credit check me as part of application process - really worried about losing job and not being able to get another one!
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Comments
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Defaults stay on your credit file for 6 years from the date of the default.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
So the defaults will disappear in 6 years even though I will still be paying the debt off for 4 years after that?0
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VeryWorried wrote: »So the defaults will disappear in 6 years even though I will still be paying the debt off for 4 years after that?
Anyone know where I can find out about this?0 -
Yes 6 years max, give or take a couple of weeks depending on the CRA0
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In Scotland I believe it may be five years and not six.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
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