Paying to get a settled default removed

swarby_2

I have a default from Halifax that was placed in 2011, It was partially settled a month after it was marked as a default, I can't remember the exact figure but i believe they knocked around £1000 off a £2200 bill. My question is, is it worth contacting them and asking if I was to pay that extra amount would they in exchange remove the default, I'm sure the answer will be no but wondered if they might just let me buy my way out of past mistakes!

thanks

DomRavioli

The default won't be removed, it will be on there for 6 years.

fermi

There is no reason why they can't.

See ICO position here: https://forums.moneysavingexpert.com/discussion/comment/62812348#Comment_62812348

However, it is incredibly unlikely that they would agree.

swarby_2

DomRavioli wrote: »

The default won't be removed, it will be on there for 6 years.

Personal experience or are we just guessing?

Steven_Elliott

they wont remove the default its very very rare for the removal , even if you pay in full

Thrugelmir

swarby wrote: »

Personal experience or are we just guessing?

Why would the lender wish to remove the default. Defeats the purpose of organisations sharing credit data with each other.

YorkshireBoy

Thrugelmir wrote: »

Why would the lender wish to remove the default. Defeats the purpose of organisations sharing credit data with each other.

...and would almost certainly put them in breach of the principles of reciprocity?

ALIBOBSY

They can do and sometimes will remove, but they are not obliged to. It seems to vary from lender to lender and debt collector to debt collector.

From looking on forums on other consumer sites this used to happen quite a lot, but companies seem a lot less keen to do it now-for obvious reasons in the current climate.

If there was a specific reason for the financial problems at that point-redundancy, illness etc etc you can put a notice of correction on your file to explain, lenders will see this when they search your file.

The weight lenders put on a default get less as it ages, especially if the more recent borrowing that show good conduct. But currently it is much harder to get a mortgage with even 1 default. If this is for a mortgage and you can't get it removed sometime a decent broker can help even with a default.

If not you may as well wait out the 4 years and concentrate on improving your credit file.

Good Luck
Ali x

Thrugelmir

ALIBOBSY wrote: »

The weight lenders put on a default get less as it ages, especially if the more recent borrowing that show good conduct. But currently it is much harder to get a mortgage with even 1 default.

Even so less if the defaulted debt was only partially settled. While it seems a good idea at the time. The consequences core against you for some period.

Steven_Elliott

plus its the only the OC which will able to sort out a default , but because its past to a DCA you got no chance