Reduced Payments - On record for 6 years?

smudgemanc26

Hi All

Just wondering if you are on a reduced payment plan for payments to your creditors ie credit card companies does this stay on your credit report for 6 years even if you pay off the outstanding balance in full?

It seems a shame if you are clearing your debt that this will stay on your file for 6 years showing you as a bad debtor if you have paid everything you owe.

Is this correct?

Thanks x

CLAPTON

if you dont pay your contractual amount on your debts (i.e. the monthly loan payment or the minimum monthly payment for a credit card) then the creditor will in general default your account.
The default (whether satisfied or not) will stay on your credit file for six years from the date of the default.

rog2

I agree with CLAPTON, but, providing you have paid it off, you can ask for the entry to be marked as 'Satisfied'.

smudgemanc26

Thank you, ok when i write to them for a full & final settlement i will make sure i state that i want it to be stated as 'satisfied'.