defaults

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how long until my defaults are removed from my credit report

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  • fermi
    fermi Posts: 40,546 Forumite
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    6 years after the initial recorded default date.
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  • Rainy_2
    Rainy_2 Posts: 432 Forumite
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    Sorry to hijack the thread but I've been searching the Forums trying to find the answer to my question!

    When the default is removed from a credit report after 6 years, what happens then? If the debt has been settled then that is that but if there is still a remaining balance and payment plan in place, does the account get put back on the credit report after a certain amount of time? If so, am I right in thinking it won't go back on as a default as I will be maintaining agreed payments (although lower than minimum payments through a DMP)

    Thank you!
    Pround to be dealing with my debts! DFW Nerd # 1201
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  • UsetheFORCE
    UsetheFORCE Posts: 688 Forumite
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    Rainy wrote: »
    Sorry to hijack the thread but I've been searching the Forums trying to find the answer to my question!

    When the default is removed from a credit report after 6 years, what happens then? If the debt has been settled then that is that but if there is still a remaining balance and payment plan in place, does the account get put back on the credit report after a certain amount of time? If so, am I right in thinking it won't go back on as a default as I will be maintaining agreed payments (although lower than minimum payments through a DMP)

    Thank you!

    6 years after the date of default, the account is removed from your file.

    Whilst the defaulted account cannot be put back on your credit file, if a debt still exists and is not paid then if it hasn't already been to court, the owner of the debt can go to court for a CCJ and that unless paid within 1 month will go back on your credit file for a further 6 years.
    I have numerous qualifications in Business and Finance, Accountancy, Health and Safety and am now studying Law.

    Don't rely on anything I write as it may be wrong!!!
  • Rainy_2
    Rainy_2 Posts: 432 Forumite
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    Thanks, that's really helpful. I'm hoping to be paid up by that point but worst case scenario preparation never hurt!
    Pround to be dealing with my debts! DFW Nerd # 1201
    Coloured Squares 506/900 :eek:

    The early bird catches the worm, but the second mouse gets the cheese ;)
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