Help with default

CupcakeLisa

I have just been looking at my credit reports to try and find out if I could get a mortgage next year but I have totally forgotten about one of my accounts.

On noodle I have an account with 1st Credit and it has a status of default

I do pay money every month to 1st credit and have done since Jan 2011.

is the only way to fix this to pay it off in full? Then wait six years for it to fall off.

My main concern is everymonth the status is default but I am paying an agreed amount to them.

I am waiting on my statuatory reports from the others arriving. I thought I had fixed all my accounts

happy_bunny_2

It will fall off 6 years from the default date. Paid or not. Paying it full won't help.

What's the default date?

It's the same default state being applied each month.

fermi

It will stay a default no matter what you do. If paid off in full it will just be a settled/satisfied default.

The account will fall off your credit report 6 years from the original recorded default date.

CupcakeLisa

The original default date is 08/01/2008

Does this mean next year lender wont be able to see it is in default?

Im not sure if you mean the whole account will drop off or just the default part

fermi

The whole account drops off. Everything. Any lender checking your report after that will not see any trace of the account or default, or that they ever existed.

CupcakeLisa

Even if I havent paid it off?

So I should keep my low payment towards it as it wont affect me getting a mortgage once it drops off

fermi

CupcakeLisa wrote: »

Even if I havent paid it off?

Yes, even if you haven't paid it off.

CupcakeLisa wrote: »

So I should keep my low payment towards it as it wont affect me getting a mortgage once it drops off

You have to keep paying. If you were to stop there is nothing to stop the creditor from taking you to court. If they went to court and got a judgement you couldn't pay in full, that judgement would go on your credit report for 6 years.

CupcakeLisa

fermi wrote: »

Yes, even if you haven't paid it off.



You have to keep paying. If you were to stop there is nothing to stop the creditor from taking you to court. If they went to court and got a judgement you couldn't pay in full, that judgement would go on your credit report for 6 years.

Thank you. I have no intention of stopping payments so that wont happen.

Building_Surveyor

Well when you go to apply for a mortgage the lender will ask for bank statements. In which case the transactions to first credit will be visible. They may also during the application ask if you have had any past credit problems. If you're in a position to pay it off beforehand, I would.

CupcakeLisa

Yeah I will be trying to pay it, hopefully I will be in a position to do so