Understaing Defaults?!? 31 January 2009 at 10:20PM in Debt-free wannabe 5 replies 648 views

Confused_Mother

Hi, I am very confused! I have been told that all entries on your credit file are removed after 6 years. I have a few defaulted accounts on my credit file due to unsecured loans and a CC I had in my idiotic youth! The defaulted dates on my credit file are in 2006 but there is also a 'File Updated for the Period to :' which is 04/01/2009 on all but one which is 08/07/2007? Will these still be removed from my file?? and if so will they still be able to chase for the balance??

Can anyone shed any light on this? I was in an IVA which failed about 10 months ago, but there is an entry on my file that says 'Voluntary Arrangement Complete' & 'Satisfaction Date : 14 July 2008'?? Any help would be greatly appreciated.

Confused_Mother

Also is this normal to not have creditors calling or sending letters? Like I said it has been approximately 10 moths since failing the IVA and have heard nothing? Any input would be extremely helpful.

Confused_Mother

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GeorgeUK

Hi CM

Not too sure what to advise with the IVA situation, but it might be wirth giving CAB or nationaldebtline a ring to see what they advise.

Old accounts and defaults do fall off your credit file after 6 years from the date the account was closed or the date of default. As the default date is 2006, in 2012, this will fall off your credit file.

Just because a default falls off your file, this does not mean that you are not still liable for the debt. Not sure why it would state 'Voluntary Arrangement Complete' & 'Satisfaction Date : 14 July 2008' I would ask again with CAB or NDL. Was this when you stopped making payments?

If they do come back to you and try to get payment, i would suggest requesting copies of the cusomer credit agreements (CCA - cost £1). If they are unable to produce these these then the debt may be unenforcable.

I would say that no news is good news right now with regards the creditors contacting you. It may be that they simply haven't updated their system or else they may mistakenlyy think that the IVA is complete.

Confused_Mother

Thanks for the advise George

GeorgeUK wrote: »

I would say that no news is good news right now with regards the creditors contacting you. It may be that they simply haven't updated their system or else they may mistakenlyy think that the IVA is complete.

As these were unsecured debts 6 years down the line, when i have own home, are they legally able to reposes house/goods??

GeorgeUK

As the debts are unsecured, they shouldn't, but they may be able to get a CCJ and then a charging order. If you were unable to maintain the payments for the CCJ, bailiffs may become involved, but reposessing a property is a long way off. Even then they would only be able to do so if the debt was enforcable - if they can't provide a CCA then the debt may not be enforcable.