Will my default drop off if I'm still paying it?

CW123

I am currently paying off 2 debts which defaulted a few years ago, which when looking at my credit file state the default will be removed soon. However I am paying these off gradually with payment arrangements made with the debt collecting agencies who have had the debts passed over to them. I will not clear them at the rate at which I am currently repaying them for another 4 years and was wondering if there will still be a default showing as the debts have not been cleared?? And also will the debt just drop off altogether, in other words shall I just repay a very small nominal amount on each until the default has disappeared then no longer pay? Sorry I am a bit clueless with this!

matttye

The default will drop off 6 years from the default date regardless of whether it has been paid off or not.

If you stop paying once the default drops off, the creditor will have 6 years (5 in Scotland) from the date you first fail to pay as agreed to take you to court and get a CCJ against you. If they do obtain a CCJ against you, this will stay on your credit file for 6 years.

The removal of the default doesn't mean you're no longer obliged to pay.

The_Boss

Yep - so I'd strongly suggest repaying what you owe (well, actually less than what you owed) or you could have another 6 years of financial woes to come. Paying it off also proves you have learned from your mistakes and would not repeat them.

Anmafo999

Hi just wondering if anyone can help, I have been waiting patiently for a default to drop off next month February 2015 and just wondering how quickly my credit score will improve, will it be reflected in marches credit report? .

matttye

Anmafo999 wrote: »

Hi just wondering if anyone can help, I have been waiting patiently for a default to drop off next month February 2015 and just wondering how quickly my credit score will improve, will it be reflected in marches credit report? .

Don't worry about the scores, they're just made up numbers that no lender gets to see.

I think they should be updated immediately. I remember reading that one of the agencies takes longer to update than the others but I can't remember which.