Defaults

Darquess

I want to improve my credit rating as it is very poor at the moment.


I have several old defaults on my file from pay day loan companies.


How di I go about dealing with these? If I pay them will they change from default to settled?


Will I be able to pay them in installments or will I have to pay the whole balance?


I am worried about opening up a can of worms by contacting these companies. Think motormile finance and lowells.

happy_bunny_2

When did they default?

When did you last pay or acknowledge in writing?

Are they writing to you about the debts?

Do they have your correct address?

Paid or not, they won't stop harming your file until they are gone.

The companies you mention are about the worst to deal with. If you have a plan to pay them off in a reasonable time, I'm sure they will be interested. Do everything in writing, as they will say stuff they would never write down.

HB

Darquess

They defaulted in 2011, I have never communicated with these people, I ignore their letters and calls but I am finally facing up to things and want to sort it out.


I am just worried if I communicate with them I will open the floodgates of harassment. I will take your advice of putting everything in writing.


Thanks for taking the time to reply.

Hazzinho

If you pay the debt off it will show as satisfied but the default accounts will display until 2017 on your credit report as default accounts stay on your report 6 years from the default date.

happy_bunny_2

what's the approximate balance and how much per month are you thinking of paying?