default date vs settlement date

sirloyneofcowes

hi all, this may have been covered before, in which case apologies, however the advice on the internet is not clear (surprisingly).

Yesterday I received a letter from Lowell offering me a 60% reduction in a debt i owe if I take up a payment plan with them. the debt is for £88 and they are offering the reduction to £30ish.

So I checked my credit reference file with both Experian and Equifax and I have default dating back to September 2010 which relates.

Given that in two months time the default will drop off my CRF, if I were to settle today (on the basis that I want a clean slate), what would happen to how it's all recorded on my file? I'm guessing the default would disappear anyway, but does that mean that the account would also disappear, or would the account stay on my file for another six years in a settled state?

Any help appreciated

glentoran99

6 years after default debt its like the debt never existed as far as your credit file is concerned, Whether its settled or not

sirloyneofcowes

thank you, so the account would also disappear too?

glentoran99

Yes it would

sirloyneofcowes

brilliant thank you ever so much