How long does it take for a default to show up?

Golfhotel

If someone has missed minimum payments for three months then is it unusual that they still haven’t reported default on file?

molerat

Accounts often do not get put into default but just carry on as missed payments.  Do you want it to default ?  In the short term a few missed payments will not be as bad as a default. If you want to default then you will likely have to miss a few more then complain that they have not defaulted the account at the 3 month point.

Golfhotel

molerat said:

Accounts often do not get put into default but just carry on as missed payments.  Do you want it to default ?  In the short term a few missed payments will not be as bad as a default. If you want to default then you will likely have to miss a few more then complain that they have not defaulted the account at the 3 month point.

Thanks yes I will ask them to put it into default as it’s been three months now

Golfhotel

I can’t pull the trigger on a dro until all accounts are in default?

Golfhotel

Golfhotel said:

I can’t pull the trigger on a dro until all accounts are in default?

Or does it really matter if they are not yet in default until after date of DRO?

Golfhotel

If someone does a Dro and a few smaller debts were not actually in default yet even though missed payments for a number of months, or some debts were not included in the application, then does it really make a difference?

it seems the debt collectors don’t check or don’t care if they were included or not!

but once you have done a DRO you just have to wait six years anyway right?

sourcrates

Golfhotel said:

If someone does a Dro and a few smaller debts were not actually in default yet even though missed payments for a number of months, or some debts were not included in the application, then does it really make a difference?

it seems the debt collectors don’t check or don’t care if they were included or not!

but once you have done a DRO you just have to wait six years anyway right?

This has all been explained to you on your other running thread on the IVA/DRO board but just to clarify -

all your debts must be included in a DRO application.

A debt does not have to be defaulted for DRO purposes, however, when it comes to credit file clean up time, after your DRO has ended, then all accounts included in the DRO should show a default date no later than the start date of your DRO.

Sometimes you have to chase a creditor up to get your file marked correctly.

Any debts you missed, or forgot about, (which should not happen) will still be collectable.

I hope that clarifies the process for you.