credit file cleared after 6 years?

qwertyjjj

Are credit files wiped clean after 6 years?
I believe I may have an outstanding debt with a mobile phone company but haven't received any letters from them and I have moved address, I haven't checked my credit file either.

If debt is wiped after 6 years, then isn't it possible to just take a loan and never pay it back?

PROLIANT

qwertyjjj wrote: »

Are credit files wiped clean after 6 years?

Yes.

qwertyjjj wrote: »

If debt is wiped after 6 years, then isn't it possible to just take a loan and never pay it back?

Yes.

Me wrote: »

However, if the Bank find that this is your intention when they begin legal proceedings to get THEIR money back, you may well end up in court facing fraud charges.

Not really the right thing to do is it?

qwertyjjj

PROLIANT wrote: »

Yes.

Yes.


Not really the right thing to do is it?

I don't intend on getting a loan anyway...was just interested.
I presume they could never prove that was your intention.
Just I've been in a lot of rented flats where demand letters arrived on the doorstep for old tenants and never once did a bailiff show up.

So, if you have no assets, they will not be able to claim anything back from you?
Wouldn't a CCJ be issued? Presumably your employer will never take the CCJ money off your payment because they and you won't know that you had a CCJ issued against you...

nomoneytoday

qwertyjjj wrote: »

I don't intend on getting a loan anyway...was just interested.
I presume they could never prove that was your intention.
Just I've been in a lot of rented flats where demand letters arrived on the doorstep for old tenants and never once did a bailiff show up.

So, if you have no assets, they will not be able to claim anything back from you?

That's why generally tenants pay more than homeowners to borrow money.

Surely the items you spent the loan on would be an asset?

qwertyjjj

nomoneytoday wrote: »

That's why generally tenants pay more than homeowners to borrow money.

Surely the items you spent the loan on would be an asset?

Apparently consumer loans are not secured on anything therefore nothing can be claimed back from you.