We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Will default go from ongoing secured loan
Comments
-
It really isn't
The default won't show after 6 years but if the account has another 12 or 13 years to run, it isn't just going to disappear! It will still be there but won't show a defaultSealed pot challenge member #325
£591.02 / £1500
£2 saver club member #83
Target £246 / £5000 -
Afraid you are wrong. Defaulted accounts are removed from your credit reports 6 years after the default no matter what. There are no exceptions. Not even for secured loans that are still being paid after the recording of the default. Can see why people dont think it should be the case but it is.Still rolling rolling rolling......
<
SIGNATURE - Not part of post0 -
Hi Scotty1230_11
I agree with Rizla King on this one!
Once an account has defaulted it will be removed from the report 6 years from the date of the default.
When a default is recorded the account is effectively closed, although the company may be happy to continue accepting monthly payments as before.
After six years it will come off the report, in the same way as a default which is not yet cleared would still be taken off the report.
Kind Regards
Neil“Official Company Representative
I am an official company representative of Experian. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
Posts by James Jones, Neil Stone, Stuart Storey & Joe Standen0 -
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards