We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
When do defaults come off credit file?
De234
Posts: 2 Newbie
I have been reading about this and still don't quite understand. My husband and I got into some debt about 5 years ago as he was self employed and like a lot of people around that time, it ended in disaster. He has a good job now and we are paying our debts through a debt management plan. We don't have a lot of money spare so can't afford to pay them all off but I would like to know what happens next.
Some of the debts on our credit file are showing ticks as I suppose they are happy to still be receiving a small payment. Others are still showing default every month.
Does the 6 years start again every month on those debts? If so, we will never be able to move on! What happens after the 6 years to the ones that are happy. Do they come off our credit file but we continue to pay into the DMP until it is all paid. (Will take years!)
Many thanks in advance for your help!
Some of the debts on our credit file are showing ticks as I suppose they are happy to still be receiving a small payment. Others are still showing default every month.
Does the 6 years start again every month on those debts? If so, we will never be able to move on! What happens after the 6 years to the ones that are happy. Do they come off our credit file but we continue to pay into the DMP until it is all paid. (Will take years!)
Many thanks in advance for your help!
0
Comments
-
Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Many thanks for that. It was a great help.
So as I understand now, the debts should start coming off our files in the next year or so for when they originally defaulted. We will still continue to pay through the DMP and hope they don't put a CCJ on us!
Hopefully we can be in a position in a few years to be able to offer them something to settle the debt although I have no idea how much/little they would accept.0 -
hi,
defaults stay on your account for 6 years, its starts from when the account went into default and once 6 years are up, it will 'fall off' your credit report.Saving for a deposit for a place of my own.....:jSavings so far £29,450/£40,000:j 73.6% SAVED!!!1poll £23.90/£40.00 (claimed 1x£40)No Monthly Car Payments left! Paid off on the 5/11/10!0 -
Are you confusing late payment marks with default.
If the accounts defaulted it will be marked with a D & show a date the default was recorded.
The default falls of 6 years after this date.
If its shows ticks or a number then it will fall off your file 6 years after it is settled.
As far as I can remember if the account is defaulted then you don't really need to pay it off as it will fall off after 6 years if it is payed in full or not.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards