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Default date over 5 years ago but still paying off
naomib83
Posts: 5 Forumite
Hi,
I am finally at the end of paying off my debt, I only have another 4 months payments left of over 5 year journey!
However I am unsure what happens at the end, the default dates on my debt rangers from July to October 2011, which means that I will still be making payments after the 5 year period (albeit by only a couple of months).
Will these defaults just drop off once I make the final payments and my credit file is updated? or do I need to wait for 5 years from December when the final payment is due?
Many thanks for any help
Naomi
I am finally at the end of paying off my debt, I only have another 4 months payments left of over 5 year journey!
However I am unsure what happens at the end, the default dates on my debt rangers from July to October 2011, which means that I will still be making payments after the 5 year period (albeit by only a couple of months).
Will these defaults just drop off once I make the final payments and my credit file is updated? or do I need to wait for 5 years from December when the final payment is due?
Many thanks for any help
Naomi
0
Comments
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Defaults drop off your credit report, 6 years from the date they were applied, whether you pay off the debt or not.0
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Hi,
It will be 2017 before the defaults come off your file.
They show for 6 years, regardless of how long your DMP lasts for.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi sorr to jump in. After the 6 years and the defaults fall off, if there is stil an outstanding balance will it still show, just minus the default?0
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getinmyselfoutadebt wrote: »Hi sorr to jump in. After the 6 years and the defaults fall off, if there is stil an outstanding balance will it still show, just minus the default?
No, the whole entry disappears0 -
Oh for some reason I thought it was 5 years, I don't intend to get any credit in the next year (or ever again if possible) so that's excellent news, not long till I can start rebuilding my credit score should I ever need it.
Thank you everyone for your help! :beer:0 -
Make sure you have definite default dates and not Arrangements to Pay (AP) as that is different.0
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