Clearing up the file

rebuilderstu

Hi,

This is my first post so hello to all

Firstly, this is a great resource and has helped me greatly in reducing my debts.

I have received conflicting advice regarding Statute barred debts, do they or do they not disappear from the file after 5 years (I am in Scotland) I have been told the debt will show on my file, and therefore damage my rating after 5 years?

Also, I have a few accounts that are now 'Closed' on my file, one of which had a default, can I get this removed now it's closed or does that have to stay on for 5 years even though it is closed?

I am paying of other debts and will take about a year to pay them off, bearing in mind I do no qualify for any form of credit, is there any way to rebuild this faster? I will be looking for a mortgage in 3-5 years time, All my debt will be time barred/paid off by then so is it like starting from scratch?

Thanks in advance.

Stu

fermi

The accounts stay on your file for 6 years from the default date. That applies to Scotland as well as England.

rebuilderstu

fermi wrote: »

The accounts stay on your file for 6 years from the default date. That applies to Scotland as well as England.

Thank you for your reply!

So once the 6 years have passed, there is no record on my file whatsoever?

fermi

Yep. The default and all details of the account, payment history etc are removed.

rebuilderstu

That's brilliant, thank you!

Any idea why two identical debts would be showing on my file? Both for the same amount and both have the same open and default date, but two different lenders, one i recognise and the other I don't.

fermi

Most likely because the debt has been sold on to another company or a debt collector.

In theory they should take the entry for the old lender off, and replace it with the details of the new one. Sometimes doesn't get done properly though.