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Bad Credit & Mortgage Equity
Comments
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EssexHebridean wrote: »Bingo. Now that feels better, doesn't it! :T
You're telling me! Credit File should start to improve by the start of next year - I was expecting it to be about 8 years or so based on my repayments. Happy Happy Analyst here!:jAugust 2011 - Total Debts - £47,352.12
November 2018 - Total Debts - £0:beer:0 -
The_Analyst wrote: »I think I've totally mis-read the situation. Having done some research it appears that my defaults will disappear off my report 6 years after the initial default not 6 years after the debt is settled as I initially assumed.
Hi there again
You're exactly right, the debt and default disappear 6 years after the date the default was initially registered. Although each month the debt will show as being 'in default', this is a status not a new default being registered.
That's why paying your debt off quicker will make no difference to when the defaults disappear, and I wouldn't risk taking out secured credit to pay off your debts. Hope this helps.
Susie
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
I can't believe I didn't know this already! What a massive difference this has made to me!August 2011 - Total Debts - £47,352.12
November 2018 - Total Debts - £0:beer:0
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