One would now think the matter is over, the default will be removed and your credit file clean.If you pay this money in full and final settlement the Default will now be marked 'satisfied'.Most companies in this situation will accept a lesser offer, perhaps 60p in the pound (£600 is used to settle a debt of £1,000).Assume you have a Default marked on your credit file and continue to have a problem settling the debt because of lack of money.People often assume that a CCJ is the worst entry on a credit file (apart obviously from bankruptcy) but in reality most lenders view CCJs and Defaults as one and the same. This 'Default' will show up on your credit file and this is bad news because it ranks right up there with a County Court Judgment (CCJ). Sadly, this will remain on your file for 6 years and will means that gaining credit, including a mortgage, will be a real struggle. If you miss a series of payments alongside ignoring correspondence from the lender chances are they'll issue a Default against your name after about 3-6 months.
However, if you've exhausted every available idea then there's only one thing to do, accept the default or CCJ and follow this intensive strategy to improving your credit file over the next 6-24 months, it's tried and tested and very effective.Īlso, if you have a default for less than £500 see this link.Īssume you owe £3,000 to a bank or Credit card or even on a Hire Purchase Agreement. Persistence is therefore the key and it all depends on how much you want the default removed. And if those don't work they think hard and try some more. Some people are just not giving up and trying every angle possible.
Others however, in fact the majority, seem to be coming up against a brick wall.Īnother trait that I have seen with successful attempts to get a default removed is persistence. Some people are writing just the one letter and bingo, it's removed.
In correspondence with people over the last year I have come to the conclusion that luck plays the dominant role in trying to get a default removed.
The recession - The banks all seem to have tightened their internal procedures and are basically playing hardball with all their clients, whether defaults or other matters, and.The following strategy to removing a Default was first published about 4 years ago and then it's success rate was high.
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