default.... help please

mike2017

Hi every1,
Please help

I have a default from a credit card which is going to drop off in April. I have been in touch with Stepchange and they told me I need to contact the collection agency and offer them 1 pound a month after the budget calculation. If I start paying back the debt in payments, it would take much longer after April to be finished, what would happen then? Will the default stay longer? if I stop paying right after default dropping off, would it come back?


thanks.
Mike

glentoran99

It wont be finished in april anyway, The default will be removed from your file but you will still owe the money

sourcrates

Hi,

Defaults can only be registered once, they stay on your credit file for 6 years, from the date of default, then, on the 6th anniversary, they just drop off your file, as though they were never there.

Nothing you can do, can remove a default thats been correctly applied to your credit file.

Paying it will not remove it any quicker.

Only time can do that, but you will still owe the money, your liability does not end when the default drops off your file.

I think SC are advising you to make a token payment, as creditors tend to take legal action on unpaid debts approaching the statute barred limit, which is six years also.

Assuming you have not paid anything towards this debt ?