how long old debt stayes on file still paying amended smaller payment 8k loan

northern_soul

hi new here hello everyone im here to ask some advice due to divorce I had a 8k loan on a credit card four years approx. I went to citezens advice bureau filled in some forms they contacted them made arrangements to pay £20 per month which I have done I haven't went bankrupt im confused as to how long this will be on credit file as I have adverse credit will this al l ways stay on file as im paying It £ 20 per month or will I have this for ever as how im paying it thanks you bit stressed over this I own my own house but work part time need to get this sorted or will I have to write to have this removed in approx. three years time thanks

fermi

You have not gone bankrupt I think you are saying? Slightly unclear from what you typed.

Assuming not then how long this stays on file depends on whether the account has had a default recorded on your credit file or not.

If it has, then all trace of the account and history will come off your credit file 6 years from the initial recorded default date.

It is hasn't, and they are just recording late payments or an arrangement, then a 6 years history stays on your report and stays for another 6 years from the date the account is eventually settled.

northern_soul

so twelve years in total wow I haven't gone bank rupt but so much was going on the cab helped and im sure they made a appilication to the court and had the intrest froze

northern_soul

sorry re read post so really im blacked for ever £20 a month will take a life time to pay off -

agrinnall

As the CAB have dealt with your case previously I would suggest that you go back to them and ask them to look at your situation now and explain what is happening and how long you will be affected by it.

eskbanker

northern_soul wrote: »

£20 a month will take a life time to pay off

Well yes, unfortunately £20 per month doesn't make much inroad into £8K - assuming no interest then that's 400 months at that rate, i.e. just over 33 years. Not saying you're able to make higher payments as I'm sure you would if you could but realistically paying off £8K at £20 per month is a lifetime, yes....

PaulW922

If you have formally defaulted (this will show on your credit file and the card company will have sent you a notice to that effect) it will stay on your credit file for six years from the default date, regardless of whether it is paid back or not. If it has not been defaulted, then the account will stay on your creditfile for six years from the eventual date of settlement. If you are paying £20 pm towards an £8k debt I would think it very likely the account has been defaulted - but only you can find that out.

northern_soul

so im definatly blacklisted for life then