Defaults every month?

Fairyeggs

Morning.
Ex went into iva so joint loan came solely mine.
I been making the agreed payment since 2021. On my report saying default every month. Also show on this how much I been reducing this. Is this normal? It with Cabot debt management.  If this incorrect are they the qst port of call. Here a screenshot 

[Deleted User]

Yes, it's correct. Once you've defaulted on your account, it stays defaulted, until settled.

Fairyeggs

Yes but Should it not just be default from month June 2021! As i been in agreement to repay since then. The way i see it it once it paid off in 2025 the default wont drop off till 2031? as there be a default on last payment in June 2025. Or will it still be lifted on June 2027 (6 years)

Fairyeggs

According to caboot this will stay defaulted till i paid it all back and that won't be till 2029. I though default can only last 6 years

[Deleted User]

Fairyeggs said:

The way i see it it once it paid off in 2025 the default wont drop off till 2031?

The way you're seeing it is wrong.

It will only last 6 years.  It drops off June 2027.

sleepyjones

You're not getting a "Default" every month, it's just stating that the account is already "Defaulted"  (so, it's not like you have 30 defaults on that one account).  The actual Default date is basically the first date that the account was defaulted, not the last.

The 6 year limit (or 5 in Scotland) only refers to the amount of time it will appear on your credit files, the debt will still be valid after that time, you can't just stop repaying it after you think the default has "expired", it doesn't, it just won't appear on your credit file anymore.
(There's an argument that if you haven't paid or acknowledged the debt at all in those 6 years that it would be difficult for a creditor to chase after that time, however this doesn't apply if you're making payments so you would need to continue making payments until the debt is cleared, irrelevant of whether or not the default still appears on your credit files)

I'm not suggesting you're looking for the default date so that you can stop paying it off, but I'm sure other people reading this post will be.

sourcrates

In the simplest of terms, your credit file will show the date the account defaulted, that default is then reported on a monthly basis as a status update, that will continue, as other have pointed out, for 6 years from the original date of default.

It does not matter what arrangements you enter into after your account has defaulted, that is immaterial, as far as your credit file is concerned, and will not be recorded on your file as a default usurps all other methods of status marking.