Default on my credit record - 6yrs from date of default or date of satisfaction?

d3m0n333

Hi All,

I was on a debt management plan through Payplan from around 2005-2011, and during the course of this, one of my creditors (Capital One) issued me with a default notice, even though they accepted the IVA repayments.

The default was issued in Jan 2009, and the account was settled and satisfied in Feb 2011.

My question - Is it 6 years from the date of default, or 6 years from the date of settlement/satisfaction that it comes off my credit record? My financial advisor seems to think it's from the date of default (so it should be gone in Jan next year, woohoo!) but I've read some threads today stating that it's 6 years from the date of settlement?

I ask because I applied for a mortgage recently, and I was only allowed to borrow 85% as opposed to the more traditional 90% due to the default on my record, apparently.

Many thanks in advance!

MrSilk

It's 6 years from the date the default was issued

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

National_Debtline

Hello there,

If you would like to learn more about credit referencing, we've an informative fact sheet:

https://www.nationaldebtline.org/EW/factsheets/Pages/05%20EW%20Credit%20reference%20agencies%20and%20credit%20reports/Default.aspx

Best wishes,

David @ National Debtline.