Advice re default account

Unicorn78

I have a defaulted credit card account dating back to 08/11/2007, that is now with C L Finance. I have been paying £15 monthly for approx 3 years and the balance is at £2305. My understanding is defaulted accounts are removed from your credit file after 6 years meaning in Nov 2013 it should be removed from my file? If this is correct my question is: are CL Finance likely to approach me shortly and demand full payment as the time approaches for it to be removed from my file? In order to make one last attempt to get the debt repaid in full before it drops off my file? Or as I've been paying a nominal amount does this mean they can continue to keep it on my file? As I don't have that amount of cash to pay in full but really do not want to end up in court as I've tried so hard to improve my credit rating over recent years. Is it wise to approach them at this point to make a full and final offer at a reduced rate to avoid court? Any advice would be gratefully received. Thank you

McKneff

Nothing ventured etc.

Offer them £1k and see what happens, take it from there.

Good luck and let us know how you get on.

fermi

Unicorn78 wrote: »

Or as I've been paying a nominal amount does this mean they can continue to keep it on my file?

No. It comes off no matter what.

Lensman_2

It is unlikely that they will demand full payment coming up to the default dropping off your file. If they do then they are not treating you fairly - you have been making regular payments and they are obliged to honour that arrangement.

You may have read about debts nearing "staute barred". That is a different matter and some creditors will issue proceedings in the months before just to "stop the clock".

Since you are paying, this does not apply and I don't think you have anything to be concerned about.

artnoble

Does the default drop off of the balance is still owed?

Lensman_2

Yes the balance is still owed. It just doesn't appear on your credit file.

Sorry - you were probably hoping for better.

artnoble

Lensman wrote: »

Yes the balance is still owed. It just doesn't appear on your credit file.

Sorry - you were probably hoping for better.

So will at start to improve the credit file. I have defaults dating back 5 years and I full intend to pay it all back. I thought that the defaults will fall off your credit file 6 years after the balance is paid