advise needed :)

amaguita

hi, ive been out of the country for a couple of years and left some things unpaid which have left defaults on my credit file. i want to know the quickest way to remove these items, but have read some horror stories on here re some of these debt collecting agencies such as aktiv kapital etc..

The total amount is approx 2,000gbp which i think i could clear down in 6 months. i just want to pay the debt off and make my credit file good again, so im in a position to buy a house next year.

what is the quickest way to do this? is there a company/accountant i can pay to sort it all out in 1 easy go?

many thanks!

SunderlandBlackCat

Hi & welcome to the board

Unfortunately they will stay on your credit file for 6 years but if you pay them off your credit file will at least show them as settled.

immoral_angeluk

Was going to say it but snderland beat me too it. Unless they were put on their wrongly you won't be able to get rid of them, paid or not, until 6 years since the default was issued.

amaguita

yes sorry, maybe i didn't make it clear (and thanks for the quick reply)... im want to pay these items off, but I dont know how to?

Should I just write to the debt companies and tell them to pay the whole amount, or am i entitled to pay just a part of it, or (preferably) is there any company that can act on my behalf and sort it out for me? I'm working all the time, so would prefer this option - i mean, can solicitors do this, or is there a particular profession?

SunderlandBlackCat

There are companies who advertise that they'll clean up your credit report for a fee but they are basically just scammers who take your money but cant do anything more than you can do yourself with a few minutes of your time.

Theres a factsheet at http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=12_how_to_set_aside_a_judgment_in_the_county_court#6

Kaz2904

You cannot clear your debt record.
As the first two replies stated it will take 6 years to drop off your file once satisfied. You still need to clear them though.
You may find that if you explain the situation to the FA or the mortgage co that you use you could still get an alright interest rate.

System

Amaguita, sorry to jump on your thread but I have been thinking about this lately. So may I ask, if I got my first default when I entered my DMP in Apr 06, do I continue to default with every payment missed or is it simply just one default? So does this also mean that in Jun 2011 I will only have one year to go until all my defaults have cleared?? Or will the defaults disappear in 2017 i.e. 6 years after my DMP has finished?

angelavdavis

lennymfo wrote: »

Amaguita, sorry to jump on your thread but I have been thinking about this lately. So may I ask, if I got my first default when I entered my DMP in Apr 06, do I continue to default with every payment missed or is it simply just one default? So does this also mean that in Jun 2011 I will only have one year to go until all my defaults have cleared?? Or will the defaults disappear in 2017 i.e. 6 years after my DMP has finished?

Hi Lenny,

I think it shows a default for every missed payment. So your clear date will be six years from the last default.

Have you tried to take up any of the free credit report offers to have a look?

angelavdavis

amaguita wrote: »

yes sorry, maybe i didn't make it clear (and thanks for the quick reply)... im want to pay these items off, but I dont know how to?

Should I just write to the debt companies and tell them to pay the whole amount, or am i entitled to pay just a part of it, or (preferably) is there any company that can act on my behalf and sort it out for me? I'm working all the time, so would prefer this option - i mean, can solicitors do this, or is there a particular profession?

Hi Amaguita,

If you contact the companies now, you will suddenly be jumped on by all of them.

Personally, I would

1) get a free copy of your credit report (offers are available with experian through quidco I think).

2) The credit report will show details of the companies that own the debts.

You will then see what the total amount is and be able to save up the money. Once you have enough to pay off the first debt, I would then write to the company concerned via registered post and ask for a copy of the credit agreement (they need to provide this in order to prove the debt). Provide as much information as possible around the account details, etc. If you haven't any information, contact them and query what your account number is.

Once you have received this, use a letter template on nationaldebtline.co.uk web site and make a full and final settlement offer. You can reduce the amount if you want, or just pay the full amount displayed on the credit file. Either way, I would recommend you do via this method in case the credit file has not been updated and further costs have been added since it was last updated by the organisation.

Follow the instructions on nationaldebtline if they refuse for some reason (they probably won't as they haven't heard from you and should settle no problem).

You can then follow the further advice offered on nationaldebtline.

As you are not in debt crisis, its a bit early to go to CCCS or Payplan (they have enough to deal with), so you should be able to handle this on your own.

Follow this process to gradually clear off the debts.

Good luck!

amaguita

great, thanks thats what i wanted to know - i didn't want to cause a storm by contacting all of them and getting stressed with all the demanding letters! I can pay off most of it now and realise the detail will stay on my file but just want them to at least have settled status :-)

thanks for your help.

angelavdavis wrote: »

Hi Amaguita,

If you contact the companies now, you will suddenly be jumped on by all of them.

Personally, I would

1) get a free copy of your credit report (offers are available with experian through quidco I think).

2) The credit report will show details of the companies that own the debts.

You will then see what the total amount is and be able to save up the money. Once you have enough to pay off the first debt, I would then write to the company concerned via registered post and ask for a copy of the credit agreement (they need to provide this in order to prove the debt). Provide as much information as possible around the account details, etc. If you haven't any information, contact them and query what your account number is.

Once you have received this, use a letter template on nationaldebtline.co.uk web site and make a full and final settlement offer. You can reduce the amount if you want, or just pay the full amount displayed on the credit file. Either way, I would recommend you do via this method in case the credit file has not been updated and further costs have been added since it was last updated by the organisation.

Follow the instructions on nationaldebtline if they refuse for some reason (they probably won't as they haven't heard from you and should settle no problem).

You can then follow the further advice offered on nationaldebtline.

As you are not in debt crisis, its a bit early to go to CCCS or Payplan (they have enough to deal with), so you should be able to handle this on your own.

Follow this process to gradually clear off the debts.

Good luck!

xgingerx

Hi there are 2 things you can try, and not guranteed to work but I do know someone who had a result with the first method but think it does depend on which company it is.

1) If you have the funds for full and final settlement, try to get them to agree in writing that if you settle then they will remove the default notice, but you must get this in writing before you pay them any money, some companys will do this and some wont but worth a try as it is totally upto them if they want to remove it or not, there is nothing in the law which means a dafualt must stay on file for 6 years

2) This method is all based on paperwork or hopefully lack of on the companys part, here is the link which gives you detailed instructions and template letters to start the process, all I am saying is it might be worth a try as you really have nothing to lose even though this way might take a little time.

http://www.learnmoney.co.uk/credit-cards/remove_default_notice.html

Anyway good luck and remember its either sit back and do nothing and let the six years pass or try your luck on either of the above which costs virtually paper and stamps so in your position I would give it a go.

Remember only do this IF you intend to pay them off and have funds to do it, otherwise you will start to get hounded for it. But the original question was what options are there to try and get rid of these notices.

Good luck