Defaults, what do I do now?

nic.cartridge

I fell into financial difficulty after being made redundant, I spoke to 2 of my credit card companies and explained my situation and they froze interest but I wasn't able to keep up with repayments.
I kept up with all other creditors including my mortgage.
However I now have 2 Default notices on my credit file from Newday and Barclaycard.
I'm back in employment and am able to either offer Full and Final payments or resume monthly payments (obviously incurring interest though).

What do I do to get me back in the black as quickly as possible?
If I start making payments will they show as late? Will they be looked upon more favourably than making a Full and Final payment?
How long will the Default stay there?
If I make a full and final payment will that show as a negative, will the outstanding balance still show? and for how long?

[Deleted User]

The defaults will stay for 6 years. The sooner you can settle them, the better.

[Deleted User]

Not long ago I was in a similar situation , wasn’t made redundant, but was very ignorant in terms of not paying things .

Defaults will unfortunately be there for 6 years from original default date (not account opening).

I found that snowballing my debts or offering full and finals was good.

They will never show ‘up to date’ as your in default, so will show default until cleared, UNLESS, you and the debtor come to an agreement.

A few of the companies I owed money to agreed out of goodwill that they would clear defaults once the balance was cleared.

May be worth asking the same.

Matt117

Defaults are for 6 years, if you can settle them it’s ideal.

I recovered from a default and a ccj 2 years ago.

I’ve now only just been accepted for a mainstream credit card after going through the Capital One and Vanquis route.

I settled the default which still doesn’t look great on credit but certain criteria’s are happy they’re settled in the future.

A CCJ if you get one is nasty.

FruitBat

The older the default the better, also definitely worth settling them in full. I managed to get a mainstream credit card and a mortgage with 4 year old defaults.