Hi all,
I wonder if you can help me with a quick query about defaults on my credit report.
I signed a TD in Feb 2012, completed payments in Feb 2015 and received my form 5 in March 2015. All of my debts are showing as satisfied or partially satisfied between Feb and Apr 2015 but they are showing a default for each month between Feb 2012 and the date of partial settlement/settlement. Is that correct or should there only be a default at the date of signing the TD?
Hope that makes sense!
Thanks in advance.
Hi Misslinds
Do you mean the monthly record of payments (often shown in a circular) which is showing in red, amber or green.
In my experience, the monthly record shows as RED or Default until the month it is shown as settled. Really, it does not matter since your file has the Trust Deed and defaults recorded.
All your default dates against each account should match or be close to date of signing. These will then fall off 6 years after the date.
So, when your Trust Deed falls off in Feb 2018, the other accounts fall off around the same time.
I hope that makes sense
Hi misslinds.
That's an excellent explanation from Firewalker.
It's pretty confusing, but the monthly "status reporting" is a different thing to an actual "default notice", which is only issued once on a single recorded date.
Apologies for the delayed response. I've been away for a few days.
Thank you for your responses. So, if I understand correctly, although each month is showing a red circle every until Feb 2015, because the default is noted as Feb 2012, the entire account will fall off my report in Feb 2018 (6 years from date of default)? I had been worried that the accounts wouldn't fall off my report until six years after the settlement date.
Thanks
misslinds
That is correct. When the companies may mark them Satisfied or Partially Satisfied, you may see a PS in the circle, or it may continue red. It is quite irrelevant really (albeit I completely understand the desire to have everything clear or changing for the better). The Trust Deed will trump anything else while it is live, and each account will fall off six years from the main default date it has. The closer you can get each default date to the date of signing the Trust Deed the better so that everything falls off at the same time. I had a couple of accounts a few weeks after the Trust Deed, so Trust Deed disappeared and each account fell off a few weeks later.
That's great, thanks for your help. Much appreciated.