I have a defaulted loan agreement on my credit report that I defaulted on in Oct 2006. I am paying it back in such small amounts that it will take 20 years to repay at the current rate.
In actual fact my finances have improved and rather than increase my repayments I am busy saving up to make a F&F settlement. This is going to take me a couple of years though.
So my question is this:
- In Oct 2012 will my defaulted account disappear from my credit report completely, or if I owe money will that still show? Will it show as a normal credit account, not a defaulted one?
- Would my CRF be better off in the long run if I made my F&F settlement before the default disappeared or after? Could clearing the default early somehow prolong the length of time this account appears on my file?