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  • FIRST POST
    • ulldins
    • By ulldins 10th Aug 18, 11:51 AM
    • 3Posts
    • 0Thanks
    ulldins
    HSBC - Default expiring
    • #1
    • 10th Aug 18, 11:51 AM
    HSBC - Default expiring 10th Aug 18 at 11:51 AM
    Hi everyone,

    I had a HSBC Credit Card which opened on 02/05/2007 and defaulted on 09/09/2012. This is due to be removed from my Credit File on 09/09/2018, next month, yipppeee!

    But firstly, I still have a remaining balance of 1292, which I have been paying on an arrangement for just 10 per month.

    Will the default/account still be removed with a balance still outstanding?

    If so, what would/could happen, if I just stopped paying?

    But at 10 per month, is it worth risking it to stop paying?
Page 1
    • zx81
    • By zx81 10th Aug 18, 11:53 AM
    • 18,093 Posts
    • 19,306 Thanks
    zx81
    • #2
    • 10th Aug 18, 11:53 AM
    • #2
    • 10th Aug 18, 11:53 AM
    The default will drop off.

    If you stop paying, they could go for a CCJ. The sum is certainly large enough for them to do so.

    The CCJ will then be on your credit files for a further 6 years.
    • sourcrates
    • By sourcrates 10th Aug 18, 12:08 PM
    • 14,922 Posts
    • 14,004 Thanks
    sourcrates
    • #3
    • 10th Aug 18, 12:08 PM
    • #3
    • 10th Aug 18, 12:08 PM
    Hi,


    Just because a debt falls off your credit file does not mean that debt is not still legally owed, it is, as you have been paying it every month, it will not go statute barred either.


    One issue has no bearing on the other.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • ulldins
    • By ulldins 10th Aug 18, 12:12 PM
    • 3 Posts
    • 0 Thanks
    ulldins
    • #4
    • 10th Aug 18, 12:12 PM
    • #4
    • 10th Aug 18, 12:12 PM
    Ok cheers, I will look forward to it dropping off and continue to pay, it doesn't break the bank, if anything, will prob increase it to finish it off earlier.
    • ulldins
    • By ulldins 10th Aug 18, 12:26 PM
    • 3 Posts
    • 0 Thanks
    ulldins
    • #5
    • 10th Aug 18, 12:26 PM
    • #5
    • 10th Aug 18, 12:26 PM
    The default will drop off.

    If you stop paying, they could go for a CCJ. The sum is certainly large enough for them to do so.

    The CCJ will then be on your credit files for a further 6 years.
    Originally posted by zx81
    Could they go for a CCJ, if i continue to pay as agreed? Or only if, I break the agreement?
    • Willing2Learn
    • By Willing2Learn 10th Aug 18, 1:23 PM
    • 844 Posts
    • 650 Thanks
    Willing2Learn
    • #6
    • 10th Aug 18, 1:23 PM
    • #6
    • 10th Aug 18, 1:23 PM
    If you stick to your arrangement to pay, then no CCJ. If you break your arrangement by reducing or stopping payments, then a CCJ is possible.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

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