Best way forward

FreedomFromDebt

Hi folks,

I wanted to ask some advice on repairing my credit file or if not the best way to
prepare to wait out the 6 years until the defaults drop off.

I ran into trouble last year (long story) and coudn't service some of my unsecured debts

2 Credit cards
3 Unsecured loans
1 Overdraft.

2 of the credit cards and 2 of the loans have defaulted.
1 loan is showing late payments of 6 months for 3 months (so 9 months)

I have setup a few payment plans with the DCA's for 1 loan and 1 CC.

As you will have concluded my credit file is now radioactive to any lender.


I have a mortgage and don't plan moving for the next 10 years and have car payments which
I haven't missed, so don't require credit for the foreseeable.

1) Based on the fact that my credit file is wrecked is there any point labouring to pay
of the debts, my understanding is the defaults will drop off in 6 years and
and will become statute barred by then.

2) Is there anyway to fix the credit file with the defaults on there?

3) The lender who has still not defaulted (9 months no payments) can I force them to, I don't want it to drag on, I thought they had to after 6 months no payments?

4) Can I ever be defaulted again on any of these debts?

I'm not looking for a moral judgement here
purely based on cold hard facts about the way the system works.

Regards

[Deleted User]

FreedomFromDebt wrote: »

1) Based on the fact that my credit file is wrecked is there any point labouring to pay
of the debts, my understanding is the defaults will drop off in 6 years and
and will become statute barred by then.

Not if you're paying towards them they won't be come SB, no

2) Is there anyway to fix the credit file with the defaults on there?

Pay the outstanding debt. A settled defaulted account looks better than an unsettled one.

3) The lender who has still not defaulted (9 months no payments) can I force them to, I don't want it to drag on, I thought they had to after 6 months no payments?

There are "guidelines" you can ask them to follow and backdate the default


4) Can I ever be defaulted again on any of these debts?

No

I'm not looking for a moral judgement here
purely based on cold hard facts about the way the system works.

Regards

Answers above