Lowell debt/credit help

Metrovix1

Hello!

Apologies in advance if I haven't put or posted this in the correct place.

I made a number of financial errors in earlier life and managed to pay and clear up quite a fair amount recently.

This may be a stupid, stupid question but I have 3 accounts that are now with Lowell. If I partially satisfy this does it remain on my credit file for another 6 years?! Whilst I know this my issue I just feel like I've tried so hard to pay for my mistakes and actually owning a house one day seems impossible... At the point I partially settle does it start the clock again for another 6 years?! Sorry if it's stupid but I just can't work it out.

sourcrates

You are confusing the time defaulted accounts show on your file for, with the cause of action date for the limitation period, so let me clarify this for you.

Once your account defaults, it will show that way for  6 years regardless of what you do, settle in full/partially settle, ignore completely, whatever you do, it will still be gone in 6 years.

The only "clock" you re-set, is the statute barred clock, every payment re-sets that, but that is a totally separate issue to the one regarding the default period.

Metrovix1

Hi sourcrates, firstly can I just say thank you for responding, really appreciate it. 

Whilst you have explained this clearly and articulely I just want to be doubly clear. If I partially settled this say today for example and the default 6 year period expires tomorrow in a few months time would Lowell/the original default appear on my credit file in a negative way?

Again, thank you.

[Deleted User]

Metrovix1 said:

Hi sourcrates, firstly can I just say thank you for responding, really appreciate it. 

Whilst you have explained this clearly and articulely I just want to be doubly clear. If I partially settled this say today for example and the default 6 year period expires tomorrow in a few months time would Lowell/the original default appear on my credit file in a negative way?

Again, thank you.

After 6 years the default is removed, period. It cannot be reapplied but it will continue to be reported up until that point

sourcrates

As Farfetch has confirmed, all reporting of an account stops come the 6th anniversary of the date of default, and the whole entry disappears from your credit file.

Any settlement made after that date will not show on your file, at all, ever.

Any settlement made prior to that date will vanish along with the whole entry.