Defaulted Credit Card - Advice

Jaimiet88

Hi!

I'm seeking some advice....I defaulted on a Tesco Credit Card about 4 and a half years ago for about £2000-2500 which is highly effecting my credit score (seen through Equifax.com).

I'm now in a position where I could pay the debt off.

I'm not sure wether to wait until the 6 years are up or clear the debt now. If I waited the 6 years, would it still sit on my credit file and block any chances of a mortgage/other credits cards? Or would it be better to just get it cleared now. If I do clear it now, how long before the debt it is removed from my name?

Any advice/help would be super appreciated!!

Thanks!

fermi

The account will be removed from your report 6 years (give or take a few weeks) from the original recorded default date.

That happens no matter what you do regards settling it, and it cannot be put back on again.

Tixy

It will drop off your file 6year after the default date on your file no matter whether paid or unpaid at that point.

If you pay it off then obviously that removes the risk of them taking court action against you (which could put a CCJ on your file for a further 6years).