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Defaults - Is this true
mountainofdebt
Posts: 7,795 Forumite
Spoke to Wescot Debt Managers today about a debt I had with Egg which was originally being managed by Frederickson Debt Managers,
Anyway he mentioned that I was entitled to a full and finally settlement of the debt giving me a reduction of 10% - and I said thar was fine but the debt would always stay on my file.
He responded by saying that as the default orginally occured in 2008 then next year it would fall off my file anyway.
Is this correct and if so does the same apply for my other creditors?
(I always thought my debts would haunt me for 6 years after I had finally paid them off)
Anyway he mentioned that I was entitled to a full and finally settlement of the debt giving me a reduction of 10% - and I said thar was fine but the debt would always stay on my file.
He responded by saying that as the default orginally occured in 2008 then next year it would fall off my file anyway.
Is this correct and if so does the same apply for my other creditors?
(I always thought my debts would haunt me for 6 years after I had finally paid them off)
2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date
0
Comments
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If there is a default on file for an account then yes it goes 6 years from the default date per your credit file. Thats all credit accounts.
For accounts that don't have defaults then 6years from the date settled/closed.
If you are thinking of doing a full & final settlement then get written confirmation from them before you pay - but also write your own F&F offer to them and offer a lot less than 90% .
Some info and template letter on F&Fs here - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offersA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
So next year the accounts that defaulted in 2008 (2008 was a crap year lol) will drop off my credit file even though I'm still paying them off ?2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date0 -
Yep, if they are marked on your file with a default date of 2008, they will be gone, paid off or not. You have to make sure they are actually marked as defaulted though and not just some kind of late payment or arrangement.0
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Stewart_78 wrote: »Yep, if they are marked on your file with a default date of 2008, they will be gone, paid off or not. You have to make sure they are actually marked as defaulted though and not just some kind of late payment or arrangement.
omg.
I know I still have the debt to pay off but if this is the case then solves a lot of problems that the debt being visable could cause (don't worry that doesn't mean I would be getting more debt - lesson learnt there!)2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date0 -
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
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