Can I default that's dropped off credit file, appear again?

Determinedtobedebtfree

Hi, I have an old M&S credit card, which I defaulted on in 2003/2004. It hasn't appeared on my credit file for years but I have continued to pay it my direct debit to Capquest (they bought the debt). I wanted to pay it off as I built the debt up but now it is nearly paid off, £400 left, I thought I would just settle it in full. My question is will the settlement appear on my credit file now (even though it passed 6 years in 2010 at the latest? Capquest were being really unhelpful when I called yesterday and said they couldn't advise. I don't want to damage my credit file by repaying the debt. Any help would be gratefully appreciated. Thanks

The_Boss

No, it won't reappear so don't worry.

Good on you for paying it off.

Determinedtobedebtfree

Brilliant, thank you

yazzypower

Determinedtobedebtfree wrote: »

Hi, I have an old M&S credit card, which I defaulted on in 2003/2004. It hasn't appeared on my credit file for years but I have continued to pay it my direct debit to Capquest (they bought the debt). I wanted to pay it off as I built the debt up but now it is nearly paid off, £400 left, I thought I would just settle it in full. My question is will the settlement appear on my credit file now (even though it passed 6 years in 2010 at the latest? Capquest were being really unhelpful when I called yesterday and said they couldn't advise. I don't want to damage my credit file by repaying the debt. Any help would be gratefully appreciated. Thanks

Good that u paid it, But i would of left it. u going the have problem of that default now turning into a satisfied account when u pay it off, which will then stay on for a further 6 years from the date u have settled it. Lenders will be able to see that u had defaulted. A default or a default which has been settled look the same in the lenders eyes.

fermi

yazzypower wrote: »

Good that u paid it, But i would of left it. u going the have problem of that default now turning into a satisfied account when u pay it off, which will then stay on for a further 6 years from the date u have settled it. Lenders will be able to see that u had defaulted. A default or a default which has been settled look the same in the lenders eyes.

Sorry. That is not true. A defaulted account ALWAYS drops off 6 years from the default date. Even if settled at a later date.

It is only undefaulted accounts that remain for 6 years fom the settlement date.

yazzypower

fermi wrote: »

Sorry. That is not true. A defaulted account ALWAYS drops off 6 years from the default date. Even if settled at a later date.

It is only undefaulted accounts that remain for 6 years fom the settlement date.

Sorry but i think u are mistaken, if u leave the default, yes it drops off after 6 years from default date, but as soon as u settle it does not matter when within the 6 years that default will have a new date when it was settled and from that date onwards it will stay for further 6 years.

fermi

I am not mistaken. Strange as it is, that is the way it works.

Settling a defaulted account does not give it a newer default date.

Once defaulted it ALWAYS falls off 6 years from the original default date.

fermi

http://www.experian.co.uk/consumer/questions/askjames211.html

https://equifaxuk.custhelp.com/app/answers/detail/a_id/238/

For two examples of where it is made clear.

yazzypower

fermi wrote: »

I am not mistaken. Strange as it is, that is the way it works.

Once defaulted it ALWAYS falls off 6 years from the default date.

default date is removed and a date of satisfied is then added. please check info. As i know a lot of people who have had defaults they have settled the debt at later date and defaults never dropped off when they expected because once u pay a defaulted account its no longer a default account it is a settled account.

fermi

I have checked my info and it is correct.

I have seen defaulted accounts drop of people's reports 6 years from the default dates hundreds of times even when marked settled at a later date.

Have seen it confirmed dozens of times.

Have had it happen on my own accounts.

http://experian.metafaq.com/help/Statutory/Credit_report/howlong_on_report

Defaults

If an account defaults then then a date of default will be added to the entry. This entry will then remain on your Credit Report for 6 years from the default date. It will then be automatically removed.

Once a default has been paid in full it will be marked as ‘Satisfied’.

The entry will still be removed 6 years after the original default date.

Jason_Bourne_2

yazzypower wrote: »

default date is removed and a date of satisfied is then added. please check info. As i know a lot of people who have had defaults they have settled the debt at later date and defaults never dropped off when they expected because once u pay a defaulted account its no longer a default account it is a settled account.

Couldn't be more wrong.

It's always a defaulted account.

You get a satisfied default, partially satisfied default or an unsatisfied default. All of which drop off the file 6 years from default date.