how long does a default stay!!greenspun.com : LUSENET : Repossession : One Thread
i have a loan with Cedar Holdings Ltd: we fell into arrears with them almost nine yrs ago, we do have an arrangement with them,(they extended the loan for 6mths to cover the arrears,) we have had a credit file and that was the only thing showing on file , we have found out it is a default, the loan is due to finish in July, but we need to know how long will the default stay on file? There is nothing on file to show that we have an agreement with them, but we are having trouble getting credit of any type and like i said , this is the only thing on file! please help
-- three dee (firstname.lastname@example.org), December 09, 2000
Hi, a default stays on your file for 6 years. Apparantly the only person that can remove it is the company who lodged it. You can always add a note to your credit file to explain the default. However as the loan is due to finish in July, I would suggest that you contact your lender and ask them to remove the default. I take it that you have been up to date with your payments since the default was registered if so they may agree to it, if not then they may agree to removing the default when you have finished paying the loan if they do agree then make sure that you get this in writing. Be warned though, most companies don't like removing default notices. Good luck
-- Jo (email@example.com), December 12, 2000.