Advice on a default

coles88coles88 Forumite
20 Posts
10 Posts Second Anniversary
Forumite
Hi,

I'm looking for some advice on a regrettable issue! I was silly with a credit account in my early 20s and let the account default. I've compounded that silliness in recent years by ignoring it, but am trying to sort it now.

The default is with a debt collector and shows on my credit account from October 2013, but I've not communicated with them in this time.

I understand that a default drops off your credit file after 6 years - but also that if I continue to ignore it, they might apply for a CCJ when the 6 year expiration date approaches (which would be October 2019).

If I get in touch with them and pay it off now, will that effectively re-set the 6 year date so that it stays on my credit file 'til 2024 because I've acknowledged it? And if so, am I better off waiting to see if they do bother with a CCJ next year? I read somewhere that if they did apply for a CCJ last minute and I paid the debt off then, that it wouldn't re-start the 6 year period. Is this true?!

Any advice on my best action to minimise the future impact of the debt would be much appreciated.

Thank you!

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