Question about default

robfosters

I incurred a default on a credit card in 2013 after I had a stroke and everything financial went to pot. After a very long recovery, I'm now in a position to start repaying the amount (£1083).

What I want to know, is even though the default remains, will settling the debt completely, improve my Experian credit score?

Also, is it worth doing a notice of correction on a default if you suffered the circumstances I did?

fermi

See --> What credit scores really means guide.

In general a satisfied default may look better, but it's up to individual prospective lenders. With some it may still be too recent to make much difference, while with others any default may be a no-no. There is no one size fits all.

In theory a NOC should or at least could help, but it is debatable how much credence or notice any potential creditors pay to those as well.

Teqpro

£1083 will still show as unpaid debt on your account till 2019, ignore credit scores; just imagine your total balance of debt as your negative credit score.

You could contact them and ask for a settlement figure, some people receive massive discounts. Also try and zero balance your credit card each month to prove you are a changed person.

Thrugelmir

robfosters wrote: »

Also, is it worth doing a notice of correction on a default if you suffered the circumstances I did?

There's any number of reasons why you could have ended up defaulting. The fact that did is what matters. Many people are only a payday away from a personal financial crisis.