Can someone explain defaults & statute barred?

needtofightback

Hi
I have a default from May 2005. From reading on here I think that means it will drop off my credit file after 6 ys. What exactly happens? Does the default just get taken off & the amount owed still show or does the whole debt drop off? Also, I reclaimed charges in early 2006 so i think that means it will become statute barred early 2012, is that right? Final question, what happens after the default drops off in May 2011 to it becoming statute barred around Feb 2012? Sorry for so many questions I'm just really confused!!

forgotmyname

Statute barred 6 years after your last payment or i think acknowledgement to the debt. (Signed letter or something)?

Not sure about the default dates though.

Tixy

Hi

A default date is a fixed point and is entered on your credit file. 6years after that date whether settled or not the whole debt should disappear from your credit file.

Statute barred is when their has been a period of 6years (in england/wales) where you have paid nothing towards the debt or acknowledged it in writing and only if they haven't taken you to court to get a CCJ against you within the 6year period. If there is a CCJ then it will never be statute barred and they could take out that CCJ 5years and 11months after you last paid/acknowledged the debt.

If a debt has gone from your credit file but is not statute barred then you still owe the money and can still be chased for the money or take to court and the debt can still be sold on to new debt collectors who can do the same.

Once it is SB then they can still chase you until you write to them to tell them you know its SB and do not intend to pay.

Have you paid nothing towards the debt since you reclaimed charges?