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HSBC - Default expiring
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ulldins
Posts: 10 Forumite
Hi everyone,
I had a HSBC Credit Card which opened on 02/05/2007 and defaulted on 09/09/2012. This is due to be removed from my Credit File on 09/09/2018, next month, yipppeee!
But firstly, I still have a remaining balance of £1292, which I have been paying on an arrangement for just £10 per month.
Will the default/account still be removed with a balance still outstanding?
If so, what would/could happen, if I just stopped paying?
But at £10 per month, is it worth risking it to stop paying?
I had a HSBC Credit Card which opened on 02/05/2007 and defaulted on 09/09/2012. This is due to be removed from my Credit File on 09/09/2018, next month, yipppeee!
But firstly, I still have a remaining balance of £1292, which I have been paying on an arrangement for just £10 per month.
Will the default/account still be removed with a balance still outstanding?
If so, what would/could happen, if I just stopped paying?
But at £10 per month, is it worth risking it to stop paying?
0
Comments
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The default will drop off.
If you stop paying, they could go for a CCJ. The sum is certainly large enough for them to do so.
The CCJ will then be on your credit files for a further 6 years.0 -
Hi,
Just because a debt falls off your credit file does not mean that debt is not still legally owed, it is, as you have been paying it every month, it will not go statute barred either.
One issue has no bearing on the other.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Ok cheers, I will look forward to it dropping off and continue to pay, it doesn't break the bank, if anything, will prob increase it to finish it off earlier.0
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Deleted_User wrote: »The default will drop off.
If you stop paying, they could go for a CCJ. The sum is certainly large enough for them to do so.
The CCJ will then be on your credit files for a further 6 years.
Could they go for a CCJ, if i continue to pay as agreed? Or only if, I break the agreement?0 -
If you stick to your arrangement to pay, then no CCJ. If you break your arrangement by reducing or stopping payments, then a CCJ is possible.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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