How long do Repossessions Stay on File?

Jack_in_the_Green_2

Hello

My home was repossessed several years ago, during a divorce. That was 15 years ago. I am far too scared to apply for any credit, mobile contract, mortgage etc until I know that the default is forgotten about. My partner carries all the debt, applies for mobile contracts etc to shield me from reactivating the mortgage lendor. The default was over £20,000. How do check that if I apply for any credit, loan or contract that the mortgage lendor will not have me in their sights again?

Thank you.

S

Shakethedisease

Hi,

Have a quick look here :-

http://forum.debtwatchdog.com/Debt-Management-How-long-does-a-repossession-stay-on-your-credit-file-Thread-274.html

Seems you should be ok after 15 years.

Most other defaults and ccj's etc drop off your credit files after 6 years. So you should be starting with a 'clean sheet' now provided there's been nothing else.

You should apply to see your credit file at Experian and Equifax just so you know exactly what's on them. You can do this either online or by post. Post is cheaper at £2 if you just want to know what's currently on it, the online versions generally sign you up for a monthly fee but are useful for monitoring your files frequently for any changes.

_Andy_

You will still need to declare the repo to the mortgage lender.

Shakethedisease

If they ask for it...

However, if it was me, I have to be honest and say that after 15 YEARS I wouldn't even if they did ask.

I think 15 years is long enough to pay for past mistakes and be scared of applying for any form of credit again.

VIGILANT22

[QUOTE=Shakethedisease;28645929
If they ask for it...

Be prepared for a mortgage lender to ask this..

_Andy_

Shakethedisease wrote: »

If they ask for it...

However, if it was me, I have to be honest and say that after 15 YEARS I wouldn't even if they did ask.

I think 15 years is long enough to pay for past mistakes and be scared of applying for any form of credit again.

Great, another poster condoning a fraudulent application.
They will ask for it and you need to answer factually.

fiveyearplan

There is a register of repossessions available to mortgage lenders so they will find out if you have been repo'd in the past. Information is only supposed to stay on register for 6 years but I'll bet they have access to the information for much longer than that. IMHO if they caught you out not telling the truth - unlikely they'd lend to you.

Shakethedisease

There is a register of repossessions available to mortgage lenders so they will find out if you have been repo'd in the past.

The CML has lists going back to 1989, and it's only available to them.. as far as a NEW mortgage lender is concerned, the repossession info from the CML will only stay viewable on the file for 6 years.

The old mortgage lender theoretically has 12 years in which to pursue the old debt, but most have voluntarily signed up to an agreement in order that they attempt to recover any mortgage shortfalls also within six years, five in Scotland.

I think the OP is probably ok after 15 as far as his credit files are concerned.

Lastly, debt isn't a crime and I think the OP has been frightened enough by his past experiences not to even think about applying for credit all this time. Throwing words like 'fraud' around is pretty scary and OTT.

OP, check your credit files. There's probably nothing at all on them regarding this repossession 15 years ago. If so apply bite the bullet and perhaps apply for a low limit credit card, use it wisely for a few months and take it from there.

Good Luck !