We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
How do defaults work.
sh4un
Posts: 50 Forumite
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
Shaun
Thank you for any info
Shaun
0
Comments
-
It will fall off your reports completely.and the debt remains owed.0
-
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.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
Categories
- All Categories
- 346.6K Banking & Borrowing
- 251.4K Reduce Debt & Boost Income
- 451.4K Spending & Discounts
- 238.8K Work, Benefits & Business
- 614.3K Mortgages, Homes & Bills
- 174.8K Life & Family
- 252K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards