looking for clarification on defaults and credit files

Bargie

Hello,

Firstly this query has also been posted within another thread in mortgages but I've had some conflicting responses which has left me a bit confused so thought this section might have more specialised knowledge which will help answer my questions a bit better.

I was in a DMP which I (finally!) cleared in Jan of this year.

The defaults however were recorded in 2007 (2 accounts) and 2008 (3 accounts). These were all satisfied in Jan this year (having made reduced payments every month since 2007).

My queries are:

1) defaults drop off after 6 years. I thought this was 6 years from when they were issued but I've also been told on the other thread it's 6 years from settlement. Can anyone clarify which is correct?

2) assuming it is 6 years from default being issued does this mean the whole account entry disappears after the 6 years or as I've been told on other thread that the default itself comes off but the account still shows the past 6 years of payment history (which effectively shows as arrears due to the dmp)?

3) I was also told the fact I was in a DMP would be on my credit file for 6 years after the settlement date. Does anyone know if this is correct?

Thank you if you are able to clear this up for me

happy_bunny_2

1. 6 years from the default date.

2. All the account disappears.

3. Sorry. No idea

Bargie

Thank you. Is number 2 definitely correct? (sorry it's just there were about 4 posters on other thread saying it stayed on account for 6 years after settlement)

happy_bunny_2

The account drops off 6 years after being settled, paid or not, or 6 years after the default date. If you have a CCJ, then that stays for 6 years from date of granting irrespective of the above.

Bargie

thank you - luckily never bad enough to get a CCJ.
Phew so hopefully in 12 months I will have a shiny spotless credit file (at last!)

fermi

Bargie wrote: »

Thank you. Is number 2 definitely correct? (sorry it's just there were about 4 posters on other thread saying it stayed on account for 6 years after settlement)

If defaulted, then yes, that is definitely correct.

amr547

I don't know if this helps but my OH recently got a report with check my file and it shows his default date then it says 'date reported until' which is in 4 years (he defaulted 2 years ago but the account was satisfied and closed this year).

Bargie

Thanks everyone, feel a bit better about it all now!

fatbelly

Bargie wrote: »

3) I was also told the fact I was in a DMP would be on my credit file for 6 years after the settlement date. Does anyone know if this is correct?

No it's not. Your dmp is not a separate entry.

Sounds like you have had some carp advice from someone.

Hopelessly_Hopeful

I think 3) may be a issue when there is an 'arrangement to pay' r 'DMP' marker on the account. I am referring to ac!!!!s that are not defaulted.

I appreciate they aren't the nuclear warning that defaults are but when do these fall off the credit record?

HHx

Do these drop off