Help please! Overpayments and vanishing debt

Munchkinsmum

I've been paying a dmp with Stepchange for a few years. I have to admit to not regularly checking up on my debts, the money just goes out ...

Realising I should check up on it I have looked at my Noddle report and I'm a little confused. One that I believe I'm still paying says balance is 0. All others bar one have just vanished off there. They are reasonably old (2008ish?) but I've been paying them on and off. Why would they not show?

Also, the one that claims to be at 0 - if Stepchange is still paying them can I claim it back? Or is it lost?! Lol

sourcrates

Hi,

Defaulted debts only show on your credit file for 6 years, then the entry falls off.
The debts, if not yet paid, still exist, and you are still 100% liable for them.

The reason one account says "0" balance is most likley because the original creditor has sold on your old account, not because you've paid it off.

Munchkinsmum

Thanks! I wasn't going to race to cancel all payments, was just suddenly very confused. After logging in to Stepchange it appears that two are indeed down to 0, two more have vanished and the last is showing.

If they have fallen off my credit file, does this mean it's working towards a better credit rating?

sourcrates

Munchkinsmum wrote: »

If they have fallen off my credit file, does this mean it's working towards a better credit rating?

When old defaulted accounts drop off your file, its always a good thing.
Credit ratings/scores whatever you want to call them, are, for the most-part, just numbers, made up by all the credit reference agencies, and then used mainly as a marketing tool.

Actual lenders do not see these scores, only how you have managed your credit accounts, scores go up and down for the most stupid of reasons, all you need to do is make sure bills are paid on time, dont borrow what you cant afford, and try to keep as good a credit history as possible, dont pay any attention to the scores they generate for you.

So for example, paying on time is good, having late payments is not, likewise, dont default, as thats bad too.

All common sense stuff really.