Will my defaults be cleared if I pay them now, or if I wait a year?

barryworker

Ok, thanks all

I've managed to apply for a really poor 49.9% APR credit card which I'm going to use for food shopping, with a direct debit to pay it off straight away. Here belongs the slow climb...

The_Boss

barryworker wrote: »

Ok, thanks all

I've managed to apply for a really poor 49.9% APR credit card which I'm going to use for food shopping, with a direct debit to pay it off straight away. Here belongs the slow climb...

Good man - best of luck in improving your credit profile. No obligation to spend large amounts on it - even a £1 spend and repaid on time by direct debit will help greatly.

Watch out for your first repayment though in case the direct debit is not set up. Check your first statement and if it does not say that the sum will be collected by direct debit then pay it yourself after and the DD should collect next time.

matttye

barryworker wrote: »

Ok, thanks all

I've managed to apply for a really poor 49.9% APR credit card which I'm going to use for food shopping, with a direct debit to pay it off straight away. Here belongs the slow climb...

Good idea I've done the same.

In a similar situation to you really, two defaults that are going to drop off in early 2015. I've got a bad credit credit card too. They're good for earning interest on money you would usually be spending throughout the month as well as repairing your credit rating