Default on Unsercured Loan 12 years ago

mikeyh1

Hi

I defaulted on a personal unsecured loan about 12 years ago. The amount was just over £1000, I had paid most of the loan back
. I know at the time I shouldnt have done it, but it happened and have been worried about it ever since. I am worried that because of this I have a criminal record.
The bank involved never found where I had moved to and after a few years I applied and got credit cards and loans. I have paid these back, so no more defaulting.
Does any one know if I could have a criminal record with the police?
What would happen if I called the bank, own up to what I did and offer a settlement - would my current credit rating be destroyed?

Thanks - any advise most appreciated.

iolanthe07

You won't have a criminal record because defaulting on a loan is a civil offence. The loan will be statute barred probably, which means that a county court cannot enforce re-payment. If you want to set your conscience straight you could always contact the bank, but there are lots of people on here who would advise you to forget it. The bank will have long written it off or passed it to a collections agency, who have obviously been unsuccessful as you haven't heard anything.

simpywimpy

You might undo your present credit rating if you own up now - that's if they can still find their records of it.

I would just put it down to experience and forget about it. It is NOT a police matter at all so please don't worry. x