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  • FIRST POST
    • TheManOfStraw
    • By TheManOfStraw 9th Aug 18, 1:56 PM
    • 6Posts
    • 1Thanks
    TheManOfStraw
    Credit file clean up - defaults
    • #1
    • 9th Aug 18, 1:56 PM
    Credit file clean up - defaults 9th Aug 18 at 1:56 PM
    Hello all

    I have been very naïve since turning 18 and at 22 I have finally gotten out of a little messy cycle of unsecured debt on my credit file. From 2015-2018 I kept borrowing payday loans, credit cards, whatever credit I could access really. It was never constant with some brief periods of respite but overall its being quite a mess throughout that period. I have realised this was a huge costly mistake and am totally committed to full financial recovery – something I know I am capable of.

    My credit file is in a very poor state as a result of this but my biggest concern is that there are two defaults showing. Per my credit file, these were ‘last updated’ in Sep-2015 and Nov-2015 respectively. However, the first default shows ‘date settled’ 30/03/16 and the other ‘date settled’ 31/12/14. What is the difference here?

    My questions are:

    At which date would these defaults be removed from my credit file ?
    I do not want CCJs under any circumstances (it’s bad enough). If I leave these defaults on my credit file will they turn into CCJs? Trying to recover financially and am still repaying a lot of my debt which has just been transferred off from my credit file, means my low income is even lower. This makes it difficult if I have to pay towards these defaults. But is it essential ?

    Thanks all
Page 1
    • Newstart3
    • By Newstart3 9th Aug 18, 2:04 PM
    • 34 Posts
    • 40 Thanks
    Newstart3
    • #2
    • 9th Aug 18, 2:04 PM
    • #2
    • 9th Aug 18, 2:04 PM
    Defaulted accounts can turn into CCJ's if you don't pay off the debt and like CCJ's, defaulted accounts remain on your credit file for 6 years from the date of the default i.e a default added today 09/08/18 wouldn't be removed until 09/08/24. If I were you, I would ignore your credit score and just focus on paying back what you owe. It's going to take a long time to repair (trust me... I have defaults which are settled and 4 years old & I can't get a high street lender to touch me) Good luck on your journey x
    TSB £3,303, MBMA £4,315, Barclays £4,463, Argos £1,260, Mortimer Clarke CCJ £2,174, Lloyds CC £1534, Littlewoods £796, Next £510, Wonga £123, , Lending Stream 1 £130.87, Bensons for beds £1509, Lending Stream 2 £255.96, Lloyds CC £1,534, Total Jan 16 £21,908, Feb £20,412 Sept £15,515 Total Aug 18 £3,303
    • TheManOfStraw
    • By TheManOfStraw 9th Aug 18, 2:21 PM
    • 6 Posts
    • 1 Thanks
    TheManOfStraw
    • #3
    • 9th Aug 18, 2:21 PM
    • #3
    • 9th Aug 18, 2:21 PM
    Defaulted accounts can turn into CCJ's if you don't pay off the debt and like CCJ's, defaulted accounts remain on your credit file for 6 years from the date of the default i.e a default added today 09/08/18 wouldn't be removed until 09/08/24. If I were you, I would ignore your credit score and just focus on paying back what you owe. It's going to take a long time to repair (trust me... I have defaults which are settled and 4 years old & I can't get a high street lender to touch me) Good luck on your journey x
    Originally posted by Newstart3

    Thanks for replying. The total debt I am repaying totals about 6k so I was hoping I could still try and keep the damage to my credit file minimal - I think I will repay that within around 2-3 years, at which point the defaults could've been potentially lifted and I could have a clean credit file ? Thanks
    • TheManOfStraw
    • By TheManOfStraw 11th Aug 18, 4:17 PM
    • 6 Posts
    • 1 Thanks
    TheManOfStraw
    • #4
    • 11th Aug 18, 4:17 PM
    • #4
    • 11th Aug 18, 4:17 PM
    Sorry to bump my thread but would really appreciate some additional advice on my situation so will just give a few more details to enable you guys the clearer picture

    22 living at home on 19k salary Been in and out of payday loans etc and unsecured debt and it has stopped me from making any good !!!8216;life progress!!!8217; throughout my life. Eg when I got money it was quickly disposed of/repaying debts etc. Horrible cycle as you all know

    Anyway I can say I!!!8217;ve truly seen the errors of those ways and having now been given a manageable clean chance to move forward (which is working, albeit not much spending money - small price to pay for a debt free & successful future)

    So although I feel as though I!!!8217;ve got the budget and living under control, and I am confident of remaining solvent and not having any further negative impacts on my credit file - the concerns are lingering about what damage I have done and what I need to do to allow me live !!!8216;normally!!!8217; within the next 2-3 years ?

    I do actually have a good career and I do not want to be living at home until I!!!8217;m 28. I would hope I!!!8217;ll have a respectable salary in the next 2-3 years and I do not know how my credit file will hold me back.

    I have two defaults as explained before and my Noddle report shows a score of about 430.

    As they stand, would I be able to ever rent a property in the next 2-3 years ? What about car finance/lease?

    Would paying them have a significant improvement of these chances ? Would it remove them ?

    Would not paying them pose a significant risk of CCJ ?

    I know I!!!8217;ve messed any chance of buying but I!!!8217;ll be in a much stronger position to be ready for that when my chance comes round.

    Thanks for all your help
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