Dafault Payment Question

hhhisariel2

Hi. I have been trying to find an answer to a pretty specific question and am more confused that ever.

The following figures are not accurate and are just for example.

5 years ago an account defaulted and after a while I agreed with the company the default was sold to, to pay £30 a month. Since then I have paid £30 every month and the balance is £500.

In a few months it will be 6 years since the account default date.

My questions are will the account vanish from my credit file even though there will be over £400 left and if so, do I need to continue to pay the £30. Is there any point?

Thanks in advance.

sourcrates

Hi,


Common question we get on here all the time.


The default and the debt, are two different enterties altogether, one does not effect the other.

The default will drop off your file after 6 years, even though a balance remains to be paid, as i said above, one has nothing whatsoever to do with the other, the balance on the account will still be collectable and you are still 100% liable for it.

If you dont pay the creditor can still take you to court and obtain judgement against you, so yes, there is a point to paying it, your liability does not just go away.