Credit File Defaults

[SparkyUK]

Hi,

I would like to find out if anyone might know this information about defaults. In total I have a lot of defaults on my credit file which I am now paying back and I am trying to correct the past for a better future.

If an account was registered as defaulted on 30th July 2001, then I know it stays on for 6 years so it will automatically drop off on 30th July 2007. However, my question is if orginally my debt was 2,000 and now it is 700 at the end of the 6 years - would they re-register the default and it goes on again for 6 more years or can they only register it once? Of course I still need to pay off the 700. I was curious if anyone know this answer for sure? This is for the United Kingdom, I have searched my credit file and there is no information on there about this question

Thanks everyone and I really hope someone can help me !!!!

[Ethel]

As long as you stick to the current agreement the default will drop off, but of course if you default again on the same debt then a new default can be registered and the cycle starts all over again.

[legend758duo]

try not to take out more loans and clear your debt is my advice

[PrinceRainie]

"However, my question is if orginally my debt was 2,000 and now it is 700 at the end of the 6 years - would they re-register the default and it goes on again for 6 more years or can they only register it once? Of course I still need to pay off the 700."

****The six year rule applies to a defualt that has been satisfied "paid off". If you have an unsettled default, then this could potentially remain on file until cleared. Very much depends on the lender as to what information they report****