default - information

onthefencepost

Hi all,

I have 5 defaults.

4 of which are due to come off within 18 months. However my question is that im paying small payments towards each, will they still come off at the 6 year mark and do i still need to make payments towards the balance?

Secondly my last default is not a huge amount of money and as my finances improve is it worth paying it will this help my credit file and how lenders see me, on a further point i was also not aware this was going to be a default as im making token payments can i challenge this default?

Regards

fusionx212

onthefencepost wrote: »

Hi all,

I have 5 defaults.

4 of which are due to come off within 18 months. However my question is that im paying small payments towards each, will they still come off at the 6 year mark and do i still need to make payments towards the balance?

Secondly my last default is not a huge amount of money and as my finances improve is it worth paying it will this help my credit file and how lenders see me, on a further point i was also not aware this was going to be a default as im making token payments can i challenge this default?

Regards

you will still need to pay off the balance, as you have acknowledged the debts in that six years.

if for example you owed money but heard nothing for 6 years and didnt pay anything then they cannot take you to court after 6 years.

the default will be removed but legally you still need to repay your debt.

they can place a default on you because you have not kept to your agreed repayments.

onthefencepost

If i stopped the payments as i have already defaulted i'm assuming ive got risk of a legal challenge?

Problem is that it will take me years to repay the money back based on my affordability and my finances - fully hold my hands up as its a legit debt although i disagree on all the extra charges that have been put on.

So if i continue to pay after the up to the 6 year mark the default marker will go but my return if i don't make the payments?

Bloody hell i was genuinely thinking its all over after the markers are removed its been a hell road because of my credit record i was young and naive furthermore i got made redundant / illness - i've been keeping my head down and paying what i can thinking there is light at the end of the tunnel.

What are my options?

Many many thanks for your assistance.

fermi

onthefencepost wrote: »

So if i continue to pay after the up to the 6 year mark the default marker will go but my return if i don't make the payments?

No, they can't.

Once the default drops, that is it. There must be no trace ever again of the account on your credit file, no matter what you do.

Only exception is if they then go on to get a CCJ which you fail to pay in full within one month. That goes on as a separate entry in the public record section of your report.

onthefencepost

Thanks for your response.

As i have around 18 months i really need my file to get clean - i feel alot more confident coming on this sight with more information.

I've already starting get small amount of credit and getting my file on the road to repair.

fusionx212

onthefencepost wrote: »

Thanks for your response.

As i have around 18 months i really need my file to get clean - i feel alot more confident coming on this sight with more information.

I've already starting get small amount of credit and getting my file on the road to repair.

Good I was in the same situation and have been sucessfull in challenging alot of them and clearing alot of bad stuff away

onthefencepost

Hi there,

Thanks for the information.

My fear is that once the defaults go i want the payments to drop i don't intend to go down the CCJ route if i miss payments etc. I never had one and I have plans in the next 3 years or so to get a mortgage.

Thanks

rtho782

The defaults will vanish after 6 years even if you have not paid them or have only partially paid them.

As you have been paying though, they can get a CCJ against you if you stop, this is another 6 years of broken credit record.

So in your case, best to pay.

National_Debtline

Hi onthefencepost


As others have said, once a default is over six years old an account will cease to appear on your credit file. As the debts get smaller the likelihood of court action is likely to diminish, but if you were to stop payments altogether there is that lingering risk - however small - of court action. I would stress, though, that CCJs would not materialise instantly, and that creditors would usually give plenty of warning as they won't want to sue unless it's guaranteed to be worth their while.


Dennis
@natdebtline

onthefencepost

Hi there,

Thanks for the information - that pretty much clears up my thoughts my outstanding debt.

Now Cabot - RBS have sent me a another letter to get in touch furthermore they rang the home number (i live with my parents).

Not sure where they got my number from as i never have or do put the landline number im usually not in anyway. My parents are a little frustrated quite rightly so as i they also thought my previous debt was sorted and as they are both retired its the last thing they want to hear.

Furthermore there is NO RBS on my credit file as i think that the default has been and gone - now can they legally chase the debt?

Thanks

[Deleted User]

They can chase the debt for as long as they want. Once statute barred, they cannot enforce it, but they can keep asking for it to be paid.