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Advice with defaults
treacle81
Posts: 3 Newbie
Hi,
back in 2019 I was off work with an injury and defaulted on 3 credit cards. These will be off my history October 25 and January 26 and February 26.
back in 2019 I was off work with an injury and defaulted on 3 credit cards. These will be off my history October 25 and January 26 and February 26.
October 25- balance £3800 , pay £45 per month
January 26-balance £7200, pay £76 per month.
February 26- balance £8100, pay £82 per month.
what happens when these fall off my credit history? Do I need to keep paying them and will they keep chasing me or can they reapply to have them kept on my record? Would I be better off making them an offer to close them out, if so what would be a realistic amount they would accept?
many Thanks
January 26-balance £7200, pay £76 per month.
February 26- balance £8100, pay £82 per month.
what happens when these fall off my credit history? Do I need to keep paying them and will they keep chasing me or can they reapply to have them kept on my record? Would I be better off making them an offer to close them out, if so what would be a realistic amount they would accept?
many Thanks
0
Comments
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Once they are gone from your credit record, they are not coming back.
The whole entry is removed 6 years from when defaulted or settled, whichever happens sooner.
Apart from that, no difference. You still owe the money. Continue paying them if you want, offer a settlement if you can.0 -
If you want to make a settlement offer then make a cca request first. If they can't produce that then you can simply stop paying.0
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If they are no longer on your credit report then what can they actually do to get you to continue paying or settle?0
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Start low for F&F’s - the way it usually works is you make a low ball offer, they come back and say “absolutely not - we won’t accept less than X” then a negotiation takes place to meet somewhere in the middle.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Although usually a last resort, they can take legal action against you, that may result in them obtaining a CCJ which will stay on your credit file a further 6 years and make obtaining further credit nigh on impossible.treacle81 said:If they are no longer on your credit report then what can they actually do to get you to continue paying or settle?
Whether a debt appears on your credit file or not has no bearing whatsoever on your liability for that debt.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
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