Getting back on track - Need help with defaults though

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Hi Guys,

I am now finally in a position to clear the last two debts I have outstanding, however before doing it, as the defaulted accounts are with DCAs I have read that some have had success in having defaults removed by the DCAs when offering full settlement of the debt - Is it worth me trying this and any advice on best way to attempt this? Details from Experian file are below -

Lloyds O/D (now with scotcall 1 x default on file with Lloyds) - £658

Arrow Global/MBNA (both AG and MBNA have left defaults but MBNA appears as settled) £1517

Appreciate your opinions.

izools

It is certainly worth asking.

Write to the DCAs and advise that you may be able to secure funds from family (don't let on that you already have the funds) to settle the debts on the condition they expunge all record of said debts from your credit file.

Advise them that once they send you written confirmation that they will expunge the defaults you will forward full payment for settlement.

Chances are slim but nothing ventured, nothing gained, right?

DevCoder

Chances are extremely slim, your credit file should accurately represent your financial history.

Otherwise it throws the whole risk scoring and would be a bit unfair on the lenders.

The_Boss

krisdorey wrote: »

Chances are extremely slim, your credit file should accurately represent your financial history.

Otherwise it throws the whole risk scoring and would be a bit unfair on the lenders.

Fully agreed. Why should justified defaults be removed? What if doing so results in the applicant being able to obtain more credit and defaulting on that too? Makes the system a bit pointless if you can.