Question re expired defaults

Scotty1230_11

Hi,

I have 3 accounts that got into default roughly 6 years ago due to redundancy and went to DCA's. they have changed hands several times but I have maintained the payments on them. After the 6 years is up as I have been saving hard I am hoping to offer 25% of the balances as a final settlement. Does anyone know if they are likely to accept this? I have heard that after the 6 years from the default date is up, the debt is worth very little to sell on - is this true?

My second question is that once they have dropped of my credit file, do they still affect my credit? I have got one of the sub-prime credit cards that I pay off in full each month which has hopefully helped to restore my credit a little but would like to move my mortgage next year.

Any advice appreciated,

rizla_king

When they have dropped off they have no effect at all. You could say they are worth less as DCAs then have nothing to hold over your head except court action. May as well try for a discountr.

Thrugelmir

rizla_king wrote: »

When they have dropped off they have no effect at all.

Except for the original lenders who may have longer memories.

rizla_king

Which you avoid

Scotty1230_11

Thanks! So on my credit file, for the loan it currently shows "D" every month - but has 12 years to run still - will that change to green from the date the default expires, or will the loan just not appear on my credit file?

thanks

rizla_king

It will just not appear.