Lots of 5 3/4 year old defaults

linnite
linnite Posts: 15 Forumite
in Debt-free wannabe
Hi all,

My debt collapse happened just under 6 years ago. I have been on a DMP all that time and have paid back about half of what I owe (yes, the amount was that obscene).

The thing is almost all the defaults are about to fall off my file. I understand that I will still owe the money. I also feel morally obliged to repay it, in many ways. But I can't help but feel that there is no way anyone will chase me at this point and get a CCJ, and from the credit file point of view they won't exist, so would some people think me foolish to still be paying after this time?

Just interested in getting some points of view.

Many thanks

-linnite

Comments

  • livingindreamland
    livingindreamland Posts: 27 Forumite
    a debt is statue barred 6 years after any payment has been made. So although the defaults are about to fall of your credit file, keep paying as they can take CCJ's out against you
  • linnite
    linnite Posts: 15 Forumite
    livingindreamland wrote: »
    a debt is statue barred 6 years after any payment has been made. So although the defaults are about to fall of your credit file, keep paying as they can take CCJ's out against you

    Thank you. Would they do it though? In other experiences I have (away from/prior to the DMP) creditors seem to go away - or offer reduced settlements. No-one seems to have the appetite to go after you for a CCJ.
  • double_mummy
    double_mummy Posts: 3,989 Forumite
    Combo Breaker First Post
    if you stopped making payments today then they have 6 years to decide if they want to

    they may disappear for a bit but is it really worth the risk?
    The only people I have to answer to are my beautiful babies aged 8 and 5
  • On_my_way
    On_my_way Posts: 405 Forumite
    First Anniversary First Post
    It's not worth the risk - keep paying and soon you won't need to look over your shoulder :)
  • blisteringblue
    blisteringblue Posts: 1,140 Forumite
    Name Dropper First Anniversary First Post
    edited 25 July 2014 at 12:02PM
    Exactly statute barred happens 6 years after you last acknowledged the debt, not when it drops off your file. You paying them via the DMP is acknowledging you have that debt, so as stated they have 6 years from the date of your last DMP payment even if you stop it now.

    Just get it done, bit of positive thinking you are 1/2 way there now.

    Over 4 years left myself but I'll get there eventually
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    First Post First Anniversary Combo Breaker
    linnite wrote: »
    No-one seems to have the appetite to go after you for a CCJ.

    Some creditors (or debt collection agencies) are more likely to consider bringing legal action than others, that's for sure. They'll also consider whether or not they'll be able to get a decent return for their trouble. If the debt is significantly large and if you are a home owner they may consider that it's worth going for. Conversely, there are some creditors that seem not to go down the legal route at all. You may wish to consider searching the names of your creditors on this forum (and some of others with more of a legal slant) to see if you can build up a picture.

    Speaking more generally, if you've been sticking to a repayment plan it would be pretty unfair for a creditor to take further action. If you stop paying it could force them to reconsider. I'm not saying that it will happen, of course.

    Very best wishes,

    David @ National Debtline.
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • linnite
    linnite Posts: 15 Forumite
    Many thanks for all the replies. Yes this seems logical actually, all the ones where they didn't seem interested in pursuing me were small amounts (plus some ones that actually are time barred) whereas some debts on my DMP remain serious four figure sums.

    I'll carry on, I think that was always going to be the decision anyway.

    Cheers again,

    -linnite
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