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Credit card repayment options
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Posts: 3 Newbie
My credit rating is very poor and has been for a couple of years following divorce. I have one credit card outstanding which is classed as defaulted. I have offered to partially settle the outstanding balance, but just cant match their offer. If i enter into a repayment plan, will that allow my credit rating to increase?. Or, will my credit rating only start to increase once the debit has been paid off ?
Any help greatly appreciated.
Any help greatly appreciated.
0
Comments
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You don’t have a credit rating or score.
Lenders do not see the scores or ratings generated by the CRA’s.
It depends on how they mark the account however.
The default will drop off 6 years from the date of default, but an AP marker will drop off 6 years from when the last and final marker is added.0 -
You don’t have a credit rating or score.
Lenders do not see the scores or ratings generated by the CRA’s.
It depends on how they mark the account however.
The default will drop off 6 years from the date of default, but an AP marker will drop off 6 years from when the last and final marker is added.
The account has already defaulted.0 -
Have they agreed the settlement can be paid off via a plan? The debt would be marked as partially satisfied once paid the settlement figure and it falls off after 6 years from the date of default. Bear in mind that many settlement plans have the caveat that missing a payment breaches the terms and the full debt is liable.0
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They want me to enter into a repayment plan, but I haven't as yet. Are you able to advise from which date would the 6yr period commence?.0
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The date of default0
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Thankyou for all your responses0
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