confused with credit file!!!

sar011279

Hi. This question has probably been answered but I'm getting myself in a muddle trying to read through everything so hoped if I posted someone could help me pretty please!!

We sustained mortgage arrears several years ago which totalled over 6 months of arrears. My noddle credit rating shows BB (sustained arrears) up until Jan 2014 when we entered a repayment arrangement with the lender. From this point on we met our contractual payments and paid an additional amount towards the arrears. This is reflected on the credit file which shows AR as oppose to BB from this point on. The arrears still show but decrease (6,5,4,3,2,1) up until Feb 2016 when they were completely cleared.

My question is how long they will stay on my file? Will it be 6 years from the last time we sustained arrears (2014) or 6 years from when they were cleared completely (2016).

I would be really grateful for any advise please.

[Deleted User]

From when you got back on track with the agreement and contractual payments - 2016.

sar011279

So 6 years from when the arrears were gone? Thank you for your help. It feels really unfair as we were paying over the agreed amount for 2 years prior to this �� Hey ho, lesson learnt. Thank you. I had better put the plans to move on hold for a few years.

[Deleted User]

But you were only paying over the agreed amount because you had previously underpaid.

You don't get back on track until you're up to date with payments owed.

sar011279

Yeah I appreciate that. It just annoys me when defaults disappear 6 years after date of issue even when arrears are still being repayed after this date.

[Deleted User]

On the plus side, if you had defaulted, you'd now be having the property​ sold from underneath you so that the full balance could be repaid.

That's often more annoying.

sar011279

Really no need to be sarcastic. I came here for advise.

[Deleted User]

Which you have received.

Really no need to get annoyed about it.

Thrugelmir

sar011279 wrote: »

Really no need to be sarcastic. I came here for advise.

The comment rings true though. Tough as it is to accept. No business wants to deal with a poor customer. Simply too much bother and unprofitable. That's also why the data gets shared.

mrmagooooooo

sar011279 - Your credit report is there to provide lenders with a reflection of your credit history. You were indeed still in arrears until Feb 2016 and as such your credit file reflects the true situation that you were in.

As stated by ZX81 as sarcastic as it may have sounded is absolutely correct

StopIt

sar011279 wrote: »

Really no need to be sarcastic. I came here for advise.

As dry as ZX81 can be, they were correct.


You were 6 months behind on your mortgage. If you had defaulted, the lender would have took your house. Yes, if the debt was unsecured a default is mostly a line in the sand and 6 years later, it's gone. With secured debt, default = time to use that security.


I mean do you really want a clean credit file and no house? That's what you were saying when you were rueing the extra damage to your credit file that an AP/AR marker does.