How do defaults work.

sh4un Forumite Posts: 50
Part of the Furniture Combo Breaker
Hi. I have a couple of defaults from Oct 2019 that I'm  paying back to the  credit vultures. My repayment plan far exceeds 6 years. My credit report is showing default on these accounts every month. What happens after 6 years when defaults fall off the report but I still have an open plan. Will it still show as a D on my report untill fully paid off?
Thank you for any info


  • MorningcoffeeIV
    MorningcoffeeIV Forumite Posts: 1,291
    1,000 Posts Name Dropper
    It will fall off your reports completely.and the debt remains owed.
  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,640
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    When you stop making contractual repayments to a debt, the creditor can choose to stop doing business with you, and issue a default on the account.

    This means the contract between you has ended, and the account goes to debt collection, the date of default will be registered on your credit report entry, it will show as defaulted for 6 years, you just see that updated status every month, for those 6 years.

    The entry may be removed from your file after 6 years, but if you have a balance still outstanding, its still collectable, makes no difference if its still on your credit file or not, but once its dropped off, no further reporting will take place no matter what you do.
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