Satutue barred Scotland

chazzablazza

Hello there
I am new here and I am looking for some information please. I have an outstanding debt. It was originally took out in 01/08/2005 and it went too default on 31/03/2006. I was waiting until the end of this month to contact them about this debt being satued barred as it will be 5 years to the default date at the end of this month. I am wanting too understand if I can contact them now instead of waiting until the end of the month. As the debt is originally taken out in 01/08/2005 do i have too wait 5 years from the date the the debt was started or from when the debt went into default? I am also saying 5 years as I live in scotland and too my understanding debt is recognisied here for 5 years. I also want the default noticed too be removed from my credit report as I am looking too get a morgage after summer will this happen automatically? I have never written too my contacts and I have only made one original payment back in 2005. I hope someone can help me please as I want too get the ball rolling as I fear this might be a long process.

Thankyou very much

Chaz :j

king100

5 years when you havent paid them or you havent acknowledged it in writing

Tixy

You need to know when you last paid them to work out when it was SB. It may be that you paid them something after you were issued with a default - in which case it won't bevome SB 5years after the default date. Or it might be you last paid them 2-3 months before the default was issued -in which case it could already by SB.

The default won't be removed though. These stay on your credit file for 6years from the date of default.
It will be removed automatically 6years from the default.

king100

Also default has to be placed on your credit file within a reasonable time.

So if default was placed say 5 years ago, they cannot update default to last week. The original default must stand and be placed within reasonable time of you defaulting which I believe is 6 months max.

chazzablazza

I paid my 1st month from starting the loan and the I lost my job and then it was a downword spirel. I am assuming it will be sb now so I will write off to the company later on today. I believe it is best too send it recorded delivery! Once I have managed too get the sb completed can I then get my credit report udated too say satisfied do you no? It will be 6 years this march anyway so it should automatically come off is that right?

thankyou

Tixy

If the default was placed in March 2006 then it will only be 5years this March. It won't be removed until March 2012.

A Scottish debt that is statute barred is legally extinguished and you no longer owe the money.
I very much doubt that your creditor will be willing to mark that your default is satisfied - because it hasn't been. You could add a notice of correction to your credit file to say that you do not owe this money as the debt is legally extinguished under the limitation (Scotland) act 1973 - although I'm not sure how much that would help a mortgage application.

king100

Tixy

SB in Scotland is 5 years but credit ref is still 6 years?

So even though they cant chase the debt it will remain on credit file for 6 years.

Am I correct in thinking that?

fermi

king100 wrote: »

Tixy

SB in Scotland is 5 years but credit ref is still 6 years?

So even though they cant chase the debt it will remain on credit file for 6 years.

Am I correct in thinking that?

Yep. Correct.

Tixy

Yep, its at odds I know but its how it is. What the CRAs do (in terms of when things are removed etc) is the same across the whole of the UK.

chazzablazza

ok perfect thankyou.

fermi

Unless there is some urgent reason to send the letter now, I think I would be tempted to wait until the end of the month.

I'm sure it's statute barred anyway, but 5 years from the recorded default date gives any creditor or DCA absolutely no room to come up with some bullwarks argument about dates.