Hey all,
New member to the group so i apologise if this has been asked and answered before but I hope someone will be able to help...
I have an outstanding account with a major UK mobile phone company which defaulted back in March 2001.
In an effort to clear the balance I wrote them a letter asking them if they were willing to knock 25% off the balance in exchange for a single payment which would clear it.
They wrote back telling me that they had updated the records held by Experian & Equifax to reflect the updated balance (I had been making monthly payments of £10), which was fine as I had requested this also.
However, instead of making any kind of reference to my request of reducing the debt in order for a one off payment to clear it once and for all, they felt the need to inform me that 'as a customer I was duty bound to pay the monthly bills when they came in and because I didn't they had to mark my account as defaulted...'
I understand that after 6 years defaulted accounts are removed from credit agencies files.
My questions are: Whats happens after 1st March (exactly 6 years since the account was defaulted)?
If I stop making payments after this date can they chase me for the outstanding money?
Is the defaulted account simply removed never to return?
Any help would be appreciated!
CJ