Defaulted debt

Bingers

Can anyone help? I took out a loan a few years ago and failed to keep up repayments. It was then defaulted and I gained a big red mark against my credit score. This was some years ago and the credit agreement has now come off my credit score BUT I am still repaying my debt at a rate of £50 per month. Given there is no reference to the debt on my credit history, what would happen if I were to stop repaying the debt entirely? There's about £2000 to go so it would help if I could avoid having to pay it, although I realise this is not necessarily the right thing to do.

Thanks.

Young_Hoss

I believe if the loan was defaulted over 6 years ago the default will be removed from your credit file if the debt has been cleared or not. But as you have been paying if you now stop you will get a new default, im not 100% sure but i believe this is how it works hope this helps

glentoran99

they would take you to court for the money, you still owe it whether its showing on your file or not, you wont get a new default as a debt can only be defaulted once

Gordon_Hose

They MIGHT take the OP to court. They MIGHT not.

Thrugelmir

Do you want a CCJ on your file together with all the baggage that goes with one. Gamble is all yours.

Alternatively ask for a full and final settlement figure, and clear the debt once and for all.

Bingers

OK so bottom line is I still need to repay it which is all I needed to know - many thanks to you all. I wondered whether they may have written the debt off and I was foolishly paying back a debt that I didn't need to, but it seems I do. Thanks again.