CRA & Defaults

Years_of_debt

Hello,

I have 2 weeks left of my BR.

I have around 6 accounts on my credit ref agency’s.

I just wanted to clear something up, so I am not confused.

Since the BR order all 6 have been marking me down as default with 1 being a late payment. So for the last 11 months each month they are all adding another default for that month. Are they supposed to be adding them each month?

If so, after my BR ends in 2 weeks, will the debt then be put down as £0 and satisfied?

I’m trying to work out if they were supposed to put a default this time last year & that was it. Or if they are allowed to add a default for each month that’s gone by.

If they are supposed to be putting a default for the last 12 months whilst BR that’s fine. I just want to know when the last default can be logged against me.

Thanks

thevdm

You are slightly ahead of me so I can't give a definitive answer but my understanding is:


Before discharge you are still liable for the debt (should bankruptcy be unulled etc...), so debts are usually listed as defaulted because they haven't received a payment for that month. In my case most of the creditors show as defaulted each month, a couple of them have dissapeared from my file entierly (not sure what's gone on there).


Once you are discharged, I believe creditors have 3 months to mark the debts as settled/partially settled. Although from what I have read, some require a bit of chasing to actually do this.


Hope this offers some form of help and that someone more knowledgeable comes along soon.

Years_of_debt

Yes I think you are correct. As we haven’t paid the debts & the BR is still active they are allowed to put down defaults each month.

I don’t think they are allowed to put a default down the month after your BR discharge. For example discharge 1st of October, on the 1st of November my credit report should have all the old accounts close with a 0 balance & satisfied or settled?

Just want to make sure they are all closed down as soon as possible so they drop off after the 6 years & don’t go on for ages!