Worried sick - Experian and other assistance required

ACG

A payment plan is not the same as a default it is worse. You would actually have been better off not paying it... but it is what it is.

Any lender is going to question why you have not paid it off when you have money tucked away for a deposit (im not making judgement here, im just explaining from a lenders perspective).

Find a different broker, preferably not one in an estate agents and im sure there will be a lender for it still.

Frankiesphone

Thank you all for your brilliant advice - although had major panic when I read it was a SETTLED date that it came off your credit report.

I called the Post Office and another broker who was not estate agent based, and both gave the same advice.

As for not paying the debt, we were advised by legal advisors not to pay in full, given that the article purchased was of sub standard quality. We were not able to cancel the credit agreement for the goods we purchased, we even contacted Trading Standards but never heard anything further.

If this is going to have a major impact on our credit scoring, mortgage application, we'd just pay it all off to be done with it, but would this make any difference when applying for our mortgage?

ACG

Frankiesphone wrote: »

Please can you PM me?

Be careful, this poster has been spamming the boards this evening.

Same post all across them. They are most likely on commission or employed by the firm they are plastering everywhere.

Frankiesphone

ACG wrote: »

Be careful, this poster has been spamming the boards this evening.

Same post all across them. They are most likely on commission or employed by the firm they are plastering everywhere.

Thank you for the heads up - will proceed with utmost caution.

Did you see the previous post I posted?

ACG

I would speak to a broker let them do the research and see what they say about the default/payment plan.

Some lenders may not care what you do with it, others may insist it is paid off.

Frankiesphone

ACG wrote: »

I would speak to a broker let them do the research and see what they say about the default/payment plan.

Some lenders may not care what you do with it, others may insist it is paid off.

OK - thats good advice - how long would a broker work on this for? (a day, a week etc?)

ACG

If they deal in adverse they would probably have a good idea of who is likely to accept it before doing anything.

It might take a couple of days to speak to the lenders and run it by them to get an idea of whether they would accept it or not.

Frankiesphone

Senior_Paper_Monitor wrote: »

Default date (and if you don't believe me try Experian's own site) ...


How long does account information stay on my Experian Credit Report?

Open accounts remain on your Experian Credit Report indefinitely. This is because, while an account is open, it will always be relevant to your credit status.

Once an account has been closed, it will be marked as ‘Settled’. After this the account entry will be automatically removed from your report after 6 years from your settlement date.

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.

Excellent - thank you.

So, for clarity purposes, If we settled the debt in full tomorrow say?, and at the end of May 2014 (default date 2008), the debt would be marked 'satisfied', then the debt would fall off the credit file end of May 2014? ... would you still have to declare that on the mortgage application even though is was satisfied and not showing on your credit report?

Yorkie1

Your previous thread, btw:
https://forums.moneysavingexpert.com/discussion/4951793=

And the one on the credit file / ratings board re. relevant default dates:
https://forums.moneysavingexpert.com/discussion/4953493=