Should I pay off defaults of wait for them to be statute barred. How long to notice improvement of credit score?

[tripalee]

So, I was an irresponsible student who racked up some defaults for a small amount of 2500 I am in a position to settle these debts now, but many of them are very close to being statute barred, my main query is, if I was to settle these debt, how long until I would expect to see an improvement in my credit file?

[UKDomains]

I would reckon within a couple of months once they've fallen off you will see massive improvement.

 

I had one fall off and my score jumped by 20. I know credit scores don't mean much, and I still have other defaults on it, but I guess it would have jumped higher if I had a clean score.

[tripalee]

Yeah, I'm kind of hoping to call round all those who I owe money to and hopefully negotiate a smaller settlement, but I see no point of wasting the money if when the debt becomes statute barred it has the same effect on the report as settling the debts. Points mean nothing to me, I just need to quickly be able to get a mortgage with my partner.

[reallymadwoman]

Paying anything won't help your credit score as the accounts will still show as defaulted, just with a smaller or nil balance. If it's not that long you're better off putting the money toward your deposit and waiting until they disappear off your credit file anyway.

[dx100uk]

defaults dropping off does not equal statute barred.

 

 

All references to a defaulted debt must be removed from your credit files after 6 years

has passed from date of default, whether paid off or not.

.

{the WHOLE ACCOUNT WILL VANISH, never to return}.

.

{however, this does not mean the debt itself is not still owed

consider a CCA request.}

.

This is so that someone who continues paying something

- even after 6 years from default

- should not be at a disadvantage to someone who pays nothing after default

and ends up with a clean file after 6 years.

.

NOTE: {the bracketed text is not ICO guideline but my advise]

 

 

 

dx

[tripalee]

Thanks for the advice people, I will pay off those that aren't dropping off in the next 9 months

[dx100uk]

wont help your score any

might as well burn the money you are wasting it.

 

 

what are the debts please