What does 'Satisfied' mean on a credit report (Noddle)?

fermi

JimBobby wrote: »

Ah excellent, so if I start a payment plan of like £10 per month and then come Jan 2013 I can just tell them that I no longer acknowledge the debt, there's nothing they can do?

No. Before the 6years years are up, every time you make a payment you reset the 6 years to the start again. Giving them another 6 years to take legal action and get a CCJ.

Starting payments and stopping in 2013 would be nuts, as they would have until 2019 to get a CCJ and screw your credit record again for another 6 years. :eek:

I think you should probably give someone a call to talk over your options and consequences? perhaps National Debtline? Freephone on 0808 808 4000.

Angry_Bear

JimBobby wrote: »

Ah excellent, so if I start a payment plan of like £10 per month and then come Jan 2013 I can just tell them that I no longer acknowledge the debt, there's nothing they can do? It's all completely off of my credit record, and there's no legal way of them enforcing the a payment as I'm fully within my legal right to decline ackowledgement.

Er, no. If you start a payment plan now you are acknowledging the debt. In Jan 2013 the default will still vanish from your credit file but you'll still be liable for the debt and they can legally enforce this (e.g. by getting a CCJ against you) - which WOULD be added to your credit file.

ETA: Too damn slow

JimBobby

fermi wrote: »

No. Before the 6years years are up, every time you make a payment you reset the 6 years to the start again. Giving them another 6 years to take legal action and get a CCJ.

Starting payments and stopping in 2013 would be nuts, as they would have until 2019 to get a CCJ and screw your credit record again for another 6 years. :eek:

I think you should probably give someone a call to talk over your options and consequences? perhaps National Debtline? Freephone on 0808 808 4000.

I thought my debt would become statute barred? In fact, I've looked up some stuff and from what I gather, if I haven't acknowledged the debt in writing or made a payment for 6 full years, it then becomes statute barred and the no legal action can be taken on the debt, it'd be taken entirely from my credit history, and if they continue to try to collect on the debt, I can send them a latter saying I don't intend to pay and they're legally obliged to give up on it. In effect, I'd no longer have this debt at all, is that not correct?

I can't quite gather when I last made payment (which was also the last time I acknowledged it) but it was sometime in 2007.

fermi

JimBobby wrote: »

I can't quite gather when I last made payment (which was also the last time I acknowledged it) but it was sometime in 2007.

Which means it wouldn't be statute barred until 2013.

BUT, if you start repaying before then, you reset the clock again.

So if you make payments now in 2012, then it won't be statute barred in 2013.

JimBobby

fermi wrote: »

Which means it wouldn't be statute barred until 2013.

BUT, if you start repaying before then, you reset the clock again.

So if you make payments now in 2012, then it won't be statute barred in 2013.

Guess that means I should pretty much leave it be and ignore them until then, unless they get more aggressive with it. I don't care for their stronger wording and trying to scare me, but bailiffs or CCJs, I hope they're not likely to go that route.