Credit report - defaulted loan

jed37

I defaulted on a loan more than six years ago. I've actually been paying on it since then with a voluntary agreement, just not the full amount.

Because the loan was defaulted on six years ago, it has now completely disappeared from my credit report.

Does that mean I no longer have to keep paying? If I stop paying, what action can the loan company take?

rog2

jed37 wrote: »

Because the loan was defaulted on six years ago, it has now completely disappeared from my credit report.

Does that mean I no longer have to keep paying? If I stop paying, what action can the loan company take?

Unfortunately, jed, the agreement remains enforceable. Had you not paid them anything for six years the debt would have been Statute Barred and no longer enforceable.
Tough, I know, but you should continue with your payments or they will stick another default on your crf.
It might, however, be worth checking the account to make sure that you have not overpaid. Are you still paying the original creditor or a debt collection agency?

RAS

Unfortunately,because you have been paying it, they can still take court action.

The Statute of Limitations applies tomany debt that has not been paid or acknowledged in writing in the last 6 years, as long there is no CCJ.

Have you requested the Consumer Credit Agreement. if it was not with a major bank and was opened that long ago, there is a chance it is unenforceable.

jed37

Thanks for the tips. I'll see what I can do. Maybe making them an offer would be my best bet.

rog2

jed37 wrote: »

Thanks for the tips. I'll see what I can do. Maybe making them an offer would be my best bet.

Then you should have a look at the following link:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers