Paying defaults

stupot_99

Hi there,

Im trying to find out if its worth paying my defaults off does it improve my credit rating or will it have no effect. I posted on another thread about offering F&F settlements and someone recons that its not worth it as they as SB and defaulted so wont make a blind bit of diff. Any advice would help i have no other debt apart form these defaults.

punk84

Well, I'm in the same situation. I am pretty sure a lender will look somewhat favourably on you if you have paid off all your debt. Also, you will no longer have to worry about getting more letters etc from agencies etc. Also, they can lead to CCJs. Somewhat correct me if i am wrong, I am somewhat new to this.

stupot_99

Im not worried about ccj's or anything like that as they are all statute barred. The letters dont worry me either, just want to get a mortgage together and would like some input as to whether it makes a diff or not

jokie

If they are statute barred - they should be older than 6 years old, Defaults should not be showing on your credit file after 6 years.

Optmus77

if defaults dont show after 6 years can the creditor take the debtor to court after 6 years and apply for a CCJ for the next 6 years. or will this not happen?

i have a similar problem

stephane_2

A default is a default....paid partially or fully will not be seen in a better light by any lenders....it will have a severe impact until the 6 years have passed.

stupot_99

stephane wrote: »

A default is a default....paid partially or fully will not be seen in a better light by any lenders....it will have a severe impact until the 6 years have passed.

Thanks stephane,

The debt is SB after 5 years as im in scotland however the defaults were not applied straightaway one was 4 years after i stopped paying, im fighting that using the ICO.

Optimus:- No a creditor can not take court action if they havent chased a debt for 6 years in england or 5 in scotland
it becomes unenforceable so that means no CCJ