2 credit file questions

london1973

1. What does delinquent mean..my loans list as default but most of my credit cards read ‘delinquent’

2. Some of my debts are marked as ‘settled’ - i am assuming this is because the debt has been sold, does the new creditor appear in due course on the file?

+ any advice on what to do with creditors who go to ground

i have one credit card which defaulted and has been sold (assuming answer to no 2) and i haven’t heard anything from anyone since (default was 3 months ago)..other cards/loans have clearly been passed on as i am getting letters but this one nothing, do i just wait?

thanks

sourcrates

"Delinquent" just means your account is in arrears, and the creditor has not yet defaulted you.

Sloppy, lazy reporting really, they should just default you and have done with it.

Different lenders have different methods for dealing with bad debt, some sell quickly, others don`t, you will be written too when anything happens, until then, nothing you can do.

london1973

sourcrates said:

"Delinquent" just means your account is in arrears, and the creditor has not yet defaulted you.

Sloppy, lazy reporting really, they should just default you and have done with it.

Different lenders have different methods for dealing with bad debt, some sell quickly, others don`t, you will be written too when anything happens, until then, nothing you can do.

Thanks, i might tag on another question, is there anyway to speed up defaults, i mean some of mine really appear to be miles away, I’m still getting comms saying ‘let’s get your account back on track’ or similar

given the point of this approach is to ultimately shorten the length of time my credit file is a mess (although at my age i suspect its all rather academic) can one request to get defaulted, or is the advice just to let it run its course?

i have also been hoping to deal with all the creditors/payment plans as a job lot, either myself or debt charity, which is quite tricky given they all appear to be at vastly different stages

sourcrates

Non payment tends to work with most creditors, however Capital one, as an example, tend to drag there feet somewhat, they prefer to keep bad debt "inhouse" for some reason, there are others too.

You can ask them to default you in line with guidance, whether it will work or not is anyone`s guess, but it can`t hurt.

Superhoopza

london1973 said:

sourcrates said:

"Delinquent" just means your account is in arrears, and the creditor has not yet defaulted you.

Sloppy, lazy reporting really, they should just default you and have done with it.

Different lenders have different methods for dealing with bad debt, some sell quickly, others don`t, you will be written too when anything happens, until then, nothing you can do.

Thanks, i might tag on another question, is there anyway to speed up defaults, i mean some of mine really appear to be miles away, I’m still getting comms saying ‘let’s get your account back on track’ or similar

given the point of this approach is to ultimately shorten the length of time my credit file is a mess (although at my age i suspect its all rather academic) can one request to get defaulted, or is the advice just to let it run its course?

i have also been hoping to deal with all the creditors/payment plans as a job lot, either myself or debt charity, which is quite tricky given they all appear to be at vastly different stages

It's why it needs to be emphasised on here more that if people take the DMP option, it's not 6 years until their credit file is restored, its 6 + many months waiting for defaults.