Defaults on credit file: full and final settlement or partial?

uphillstruggler

Hi,

I'd be grateful if anyone has suggestions or knows the intricacies of defaults on credit files. I have a series of defaults on my file. One was settled as a partial settlement and now reads "D" and "PS". The others are unsettled and read "D" and "D". I have been paying token payments to my creditors since defaulting.

The defaults will be on my file for 6 years, regardless of whether I come to a F&F or partial settlement. I wonder whether anyone could tell me whether it would be of any benefit to try to find the funds (from elsewhere) to pay in full in order to scrape back what little I have of a credit rating. Or, if the defaults will drop off, would a partial settlement be a wiser option? I would be grateful if anyone can tell me what remains, if anything, on my file after 6 years, and also, if settled in full, would this benefit my credit rating, even if "D" is still on my file?

Many thanks in advance,
US

Thrugelmir

Much depends on who the defaults were with and what you future plans are. As although defaults disappear from your credit file after 6 years. You could suffer from the impact for far longer.

uphillstruggler

Thanks for your reply.

Can I just ask what you mean by they might affect me in the future? Are the defaults not wiped off my file completely? Do you know what shows on my file when the 6 years are up?

Thanks in advance for any info.

uphillstruggler

PS they are 1 overdraft, 2 credit cards and 1 personal loan. Future plans are to be in a position to receive credit again.