How times can a default be recorded?

kev.s

i was under the impression that it would not "drop off until 6 years after they had stopped receiving payments, if you're still paying would this not "drop off" until 2017? if you stopped paying now? i could be totally wrong though! plus i'd imagine they'd pursue you for it through the courts. i trust you have no assets.

pmf63

I understand what you are saying fermi, but for me what isn't fair is the statute barred rule.

My brother has spent all of his adult life getting credit, credit cards, loans, HP you name it and never intending to pay it back. In his own words 'Why should he, after 6 years of ignoring them they cant chase me ... it's their bl***y fault'.

And there I am struggling to pay back my debts, through no fault of my own ... both myself and my wife lost our jobs within a month of each other. We worked at the same firm and they went bust.

Not wishing to sound confrontational ... just my opinion you understand.

pmf63

kev.s wrote: »

i was under the impression that it would not "drop off until 6 years after they had stopped receiving payments, if you're still paying would this not "drop off" until 2017? if you stopped paying now? i could be totally wrong though! plus i'd imagine they'd pursue you for it through the courts. i trust you have no assets.

Six years from default OR settlement which ever is the earlier Kev.

No assets no. Infact that was a very bad year for me. I lost my job, my wife lost hers and six months later the car we got the loan for was written off while parked outside our house by a drunk driver with no insurance and my own insurance company refused to pay out because we had it parked legally on the road and not on the drive as i indicated when I took out the policy.

I was advised to fight it in court but I had absolutely no funds to go to court with.

fermi

kev.s wrote: »

i was under the impression that it would not "drop off until 6 years after they had stopped receiving payments, if you're still paying would this not "drop off" until 2017? if you stopped paying now? i could be totally wrong though! plus i'd imagine they'd pursue you for it through the courts. i trust you have no assets.

Depends whether the account has been defaulted or not.

If the account has been defaulted, then it's 6 years from that date, regardless of whether you are paying the debt back or not after that.

If the account isn't defaulted, then then it's 6 years from the date the account is settled.

Equifax state it quite succinctly in their FAQ.

http://www.equifax.com/help/q7/en_uk

Credit agreements: Six years from the date the account was settled, written off or defaulted – whichever happened first

fermi

pmf63 wrote: »

I understand what you are saying fermi, but for me what isn't fair is the statute barred rule.

My brother has spent all of his adult life getting credit, credit cards, loans, HP you name it and never intending to pay it back. In his own words 'Why should he, after 6 years of ignoring them they cant chase me ... it's their bl***y fault'.

And there I am struggling to pay back my debts, through no fault of my own ... both myself and my wife lost our jobs within a month of each other. We worked at the same firm and they went bust.

Not wishing to sound confrontational ... just my opinion you understand.

Understood. I can understand that. That would annoy me as well.

On a more general point though, during the 6 years the creditor would have had every chance to get a CCJ on the debt. That would prevent the debt becoming statute barred.

They make the choice not to, and/or sell the debt on to the DCA merry-go-round.

And when it's a DCA who paid a few pennies in the pound for the debt getting told it's statute barred, I can't bring myself to feel that sorry for them.

pmf63

fermi wrote: »

On a more general point though, during the 6 years the creditor would have had every chance to get a CCJ on the debt. That would prevent the debt becoming statute barred.

They make the choice not to, and/or sell the debt on to the DCA merry-go-round.

I agree he must have been lucky ... I can only recall one such time when he got a ccj and he paid it off to the clerk before he stepped outside! And, then laughed at it.

kev.s

pmf63 wrote: »

Six years from default OR settlement which ever is the earlier Kev.

No assets no. Infact that was a very bad year for me. I lost my job, my wife lost hers and six months later the car we got the loan for was written off while parked outside our house by a drunk driver with no insurance and my own insurance company refused to pay out because we had it parked legally on the road and not on the drive as i indicated when I took out the policy.

I was advised to fight it in court but I had absolutely no funds to go to court with.

i see, was unaware of that, bad luck about jobs, been there myself and at gutter level so i feel your dismay. life certainly deals some cruel blows at times