defaulted accounts dropping off credit file?

[ey_137]

Hi there,

im currently in a DMP with payplan and have been for numerous years as my total debt was around £35,000 according to my credit file now its down to about £9,000 its been a long struggle but i can see light at the end of the tunnel.

my question is the defaults put against me were in 2007 and are set to come off my credit file in 2013, what happens to these? ie there not totally paid so how does it stand?

Effectively any future creditor wouldnt know anything about them.

i did a long time ago check to see if they were enforceable and all apart from one produced a copy of the agreement. to be honest though i was a little unsure what to.

my wife and i need to move and currently im not on the mortgage due to obvious reasons and i was considering taking a debt consolidation loan and making full and final offers to my creditors.. is this worth doing?

[MrsD]

Re: defaulted accounts dropping off credit file?

Personally I can't see the point of taking more debt to pay off old debt, especially as it should be at 0%.
if you want to tidy up when don't you look at F&F the remaining debts, they are old enough to get a reasonable deal.
or you could look at UE, no point in asking for CCAs unless you know what a properly executed agreement looks like, so might not be bad idea to ask again for the CCAs and let us have a look, then at least if they are UE, you have a couple of options.

[ey_137]

Re: defaulted accounts dropping off credit file?

Pardon my ignorance, when you say there old enough to get a decent deal what do you mean? I thought the only option would be to ask for F&F settlement.

i think ive still got the old paperwork sent to me and ill try and find it so you can have a look.

thanks again

[MrsD]

Re: defaulted accounts dropping off credit file?

if your debts have been passed on to a couple of DCAs, they will have paid very little for them, it leaves better scope to offer a low F&F. If you know they have no paperwork, it puts you in a stronger position to get a low settlement, but you usually would have to concentrate their wee minds by stopping paying you DMP or if they were found to be UE, you could just stop paying the DMP although it would take a further 6 years for them to become SB.
Getting a head of ourselves here, firstly start an UE diary and send the paperwork you have to Niddy via the buttons on his signature, then we can see where we are.

[Riz]

Re: defaulted accounts dropping off credit file?

The only way your credit file could be affected once the defaults drop off is if a creditor gets a CCJ on one of the debts. That would create a separate entry on your report for 6 more years.

The above is very very unlikely, so don't panic about that possibility. I only mention it to make the picture complete. If a creditor was going to do that then they would have done it by now, not at this late stage in a payment plan.

[ey_137]

Re: defaulted accounts dropping off credit file?

Many thanks for all the information, put my mind at ease a little.

Ive gone through all my paperwork i have and cant seem to locate the previous correspondance with CCAs may have to reapply and see what happens.

thanks again