On a debt repayment plan want to now pay off my debt and have my credit file improved

Callaway

Hi,

I have been on a debt repayment plan with a company called Bridgewood since 2011. Now firstly I now know this has been a mistake to pay them money that could have been going to my debt and I will be cancelling.

My main question though concerns what I want to do now. I applied to remortgage my property recently to take advantage of a lower interest rate but my partner and I were refused due to my current credit rating as a result of debt repayment plan I presume.

I am now in a position where I could potentially aggressively pay off my existing debt (mix of credit cards and loans) in the next 12-18 months and I want to go direct to my creditors and put this plan to them. My issue is even if I do this will this follow me around for the next six years from date of repayment or can I strike a deal with the creditors that will see them remove this from credit file in exchange for repayment in full?

I thought I saw something on here before suggesting this may be an option with a letter template to send?

I want this now tidied up as quickly as possible for the sake of my mortgage and don't want to have a credit card ever again ideally.

Can anyone help?

macman

If you clear the debt, it will show as satisfied on your report, but the default will remain showing for six years from the date it occcured-which accurarately reflects your credit history.