Is it worth it?

The_Offside_Rule

Regarding rebuilding one's credit standing, is it worth paying off four year old defaults.

The balance is £99

I'm talking strictly business not morals

Tixy

Depends on what you want to do and when (in terms of new credit).

E.g if you want to get a mortgage/remortgage in a year's time then almost certainly.

If you don't want any new credit for another 2years and if you have some other ongoing credit accounts you can be using to build up a positive credit history then possibly not.

Also depends on whether your creditors have your current address. If they don't and they obtain a CCJ for the debts without you knowing and having chance to pay then your credit file could be affected for a further 6years. (Obviously if they know where you are then you will have chance to pay up the debt in time for the CCJ not to be registered on your credit files).
Whilst a CCJ for an old £99 debt is very unlikely it is not impossible.

MrSilk

Yes it's worth it, pay what you owe!! then nothing can come back and bite you on the !!! when you least expect it!! x

CherlokHomes

rdf1988 wrote: »

Regarding rebuilding one's credit standing, is it worth paying off four year old defaults.

The balance is £99

I'm talking strictly business not morals

I was waiting to see the balance at £5000 or something not £99

Jason_Bourne_2

rdf1988 wrote: »

Regarding rebuilding one's credit standing, is it worth paying off four year old defaults.

The balance is £99

I'm talking strictly business not morals

100%. Get them paid.

The_Offside_Rule

CherlokHomes wrote: »

I was waiting to see the balance at £5000 or something not £99

Hence the question "Is it worth it?".

Thank you everyone for the good advice.
:money: