What happens when your 6 yearsof being blacklisted are up?

sparky23

What happens when your 6 yearsof being blacklisted are up?
Ive basically kept up repayments and kept my nose clean as such. I will still owe about £5000 when the 6 years are up but will I be able to remortgage easily?

Will this follow me around for ever? Does it just vanish from your credit report?

Many thanks

FTW

There's no such thing as a 'blacklist' - I think you mean defaults.

Defaults stay on your credit reports for seven years. If you've had a default there for 6 years already, it'll stay there for one more year.

Details of an existing default can be modified, but there cannot be two defaults for the same debt.

What I mean by that sentence is, the original client issues a default. Then, a collection agency that the original client enlists to collect on that debt registers another default themselves.

By doing that, the collection agency is committing defamation, and if that agency or the credit reference agency refuses to remove that information, then you'd have a case for suing whoever refuses to remove the incorrect data.

sparky23

Many Thanks, Aaaahhh I thought it was onle 6 years, why hasit changed to 7? Im really looking to remortgage and the 6 years r up in 2012 so will I now have to wait untill 2013 to remortgage?

sofababe

sparky23 wrote: »

Many Thanks, Aaaahhh I thought it was onle 6 years, why hasit changed to 7? Im really looking to remortgage and the 6 years r up in 2012 so will I now have to wait untill 2013 to remortgage?

Its still 6 years. I just had one drop off this year from 2004:)

Is it only one debt/default you have or several? Are you making full or reduced payments?

tentimes

FTW wrote: »

There's no such thing as a 'blacklist' - I think you mean defaults.

Defaults stay on your credit reports for seven years. If you've had a default there for 6 years already, it'll stay there for one more year.

Details of an existing default can be modified, but there cannot be two defaults for the same debt.

What I mean by that sentence is, the original client issues a default. Then, a collection agency that the original client enlists to collect on that debt registers another default themselves.

By doing that, the collection agency is committing defamation, and if that agency or the credit reference agency refuses to remove that information, then you'd have a case for suing whoever refuses to remove the incorrect data.

This is totally inacurate. Defaults are only allowed by law to be heald for 6 years from the date of default by the credeit reference agency.

FTW

Quite correct - it is six years, not seven. Don't know where I got 7 from - I hold my hands up to that one.

MrsTinks

FTW wrote: »

Quite correct - it is six years, not seven. Don't know where I got 7 from - I hold my hands up to that one.

Well 7 is a nice number too Nothing wrong with 7 as such... but yes the time on your credit file for a default to drop off is 6 years - HOWEVER you will have to keep an eye as some companies put them on there later than they should have or change the date when they sell the debt on which you will need to have corrected...
It should be 6 years from when you default the debt

RenB21

Regarding the 6 years, is this removed from your credit file even if you're still paying it off?

wayne99

correct, paid or not after 6 years it will drop off your credit file

sparky23

Oh thank you so much everyone x

mumofseven

I am confused about them only being able to issue one default per debt. If you go on a DMP and are late with a payment, can they then issue another defaultfor the late payment?, because Lloyds have done this on a loan we have with them.