Default on Credit Report

celosya

Just got my credit report (a summary not a full one), and it shows 3 defaults from Barclays.

They are dated 3 and a half years ago. Is the best route to go to try to settle them? Is it likely that barclays will accept an amount of money to settle and remove? If they get settled but not removed will that renew the 6 years til they drop off?

Thanks for any help

fermi

Settling them would look at little better on your credit report, and would obviously prevent them considering court action regards the outstanding debts.

Barclays may be prepared to settle for a reduced amount, though that is usually a bit more likely once they have been passed or sold to external collectors. Still if you don't ask you will never know.

They will not be prepared to remove the default though if it is accurate.

If you settle the accounts that will not restart the 6 years. The accounts will still drop off your credit report 6 years from the original default.

just.me_3

celosya wrote: »

Just got my credit report (a summary not a full one), and it shows 3 defaults from Barclays.

They are dated 3 and a half years ago. Is the best route to go to try to settle them? Is it likely that barclays will accept an amount of money to settle and remove? If they get settled but not removed will that renew the 6 years til they drop off?

Thanks for any help

You will not be able to get the defaults removed, even if you paid them more than what you owe!

You can make offers to settle the accounts, which would look better for you. If you do not pay the accounts, they will still drop off your report after 6 years, and if you do pay them, they will still drop off after 6 years from the default date. Making a payment, will not start the 6 years over again.

However, you must be aware that if you do not pay the accounts and settle them, Barclays (or a collection agency) may apply for a CCJ, which if this is not paid in full within 28 days would go on your report for another 6 years.

I would definitely settle the accounts, even with a partial offer. It would be a shame to get to 5 years 10 months, with a couple of months to go before they drop off, and you then get slapped with a CCJ staying on your file for another 6 years.

celosya

Thanks guys

If I did a partial settlement (agreed with them), could they ever come after me for the rest or sell the rest of the debt to a debt collection agency ?

fermi

Depends on what settlement terms you got in writing from them.

celosya

fermi wrote: »

Depends on what settlement terms you got in writing from them.

So I'd need, in writing, a settlement that states they wouldnt come after me and they wouldnt sell the debt to a DCA?