Advice on Debts

SHAUNT84

Good Afternoon

Hopefully this is in the right thread, I am just looking at my credit score file and wanted some advice regarding the position they are in.
The crux of my question relates to being unable to remortgage later this year due to my credit score which I have accepted, but I want to get to a point where I have no adverse issues on my credit file affecting credit applications.

Current Situation

Tesco CC - £1120 no late payments etc 23.9% APR
Halifax - £2445 no late payments 4.9% APR for another 3 years -so low on the priority list
MBNA - £1330 no late payments 25.9% APR
Creation Loan - £5540 - Pay £168 p/m ends Oct 2022

These 4 debts I am relatively happy with, from a perspective of managing them and no adverse effect on the credit file. The next 2 are issues

Barclaycard £6780 currently shows as an arrangement to pay (3% APR, paying £125 per month, looking to extend for another year) Started Mar 18 however Experian doesn't show it as an Arrangement to Pay? My question on this is when would this fall off my credit file and what effect does it have on it?

Cabot Financial £4800 (previously Virgin from Jan 19) currently pay £75 per month from this balance, however the 3 credit agencies show 3 different things Equifax Unclassified or recently opened account, Experian shows default from Jan 19 - Aug 19 then Unknown status since and TransUnion shows default all through - My question on this is how long would this show on my credit file and in terms of paying it off does it matter how quickly it clears or if it was partially settled?

Hope this all makes sense.

Thanks

StokieBecks

Your arrangement to pay markers will stay on your file for 6 years after the date the account is settled.

A defaulted account comes off your file 6 years after the default date (settled or not but the debt is still valid and owed even if it doesn"t appear on your credit file)

To be looking at remortgaing you need to be speaking to a specialist broker to see what they advise. Even if you see your current debts as manageable if you are utilising a lot of the credit available to you this also reflects poorly and a lender may see you as a high risk

SHAUNT84

Thanks for this, so it is in my interest in order to 'tidy up' the credit file to get the Barclaycard paid quickly to make it settled. I am guessing it is better to have an arrangement to pay rather than default on the account - so wouldn't be advisable to default the debt to then pay it back through another provider. As for example a default today on the debt today would be cleared from the file in Jan 2026, where as paying it off in 4 years for example would mean it shows on my account for another 10 years?