Large default nearly 6 years?

christopherroper

Hi guys
nearly 6 years ago with a previous partner we got a secured loan for £17,000.
i completely forgot about it as so much was going on over the last so many years.
anyway i was told that if a debt reaches 6 years without any communication or something then it is taken of your credit file??
is this true

McKneff

Is this a wind up.

Nobody, but nobody can forget a debt of £17K.

To answer, just in case, and not sure if it covers a secured loan but it does drop off a credit file after 6 years. This doesnt mean you dont owe it but it is not enforceable.

christopherroper

Honestly i did forget
i know its dumb etc and i feel very bad about it
and yes its a secured loan
i have accessed my credit file today and calculating it wil be 6 years in october
im unsure of what to do?

malkyh

Has your ex been paying it? I find it hard to believe that the company have never chased this.

christopherroper

no it looks like my ex hasnt paid any installments and im not on electoral roll and there is no credit etc linking me to my address so im kinda hard to get hold off, it sounds bad but if i am unfindable after 6 yeras will it be taken of my credit file

MentalMinnie

If someone hasn't been paying it, the property the loan is secured on is at risk. Also, a company can go to court and have the debt re-instated even after it's statute barred. Either way, they will reclaim the monies owed.

MentalMinnie

Who owns the property the loan is secured on?

christopherroper

the mortgage was defaulted so property was re-possesed and the year after the mortgage company went bust (victoria mortgages)

MentalMinnie

If they can prove that they have made efforts to contact you regarding the outstanding debt a court will allow them to pursue the full amount, plus substansial costs. I fail to believe that anyone could forget about a £17k loan, and i hope they catch up with you. Far too many people think they can use the Stat. Barred to get away with not paying what they owed.

christopherroper

I agree with you MentalMinnie and there isnt any need for the hope they catch up with you comments etc and everyone has persoanal problems that sometimes can make other things trivial or forgetfull. and reading my initial post it was clearly a question not an intention to ignore etc i just wanted some sound advice. and yes i wont deny if it reaches 6 years and goes away i wouldnt feel bad about it as teh bank swindle money from the people all the time so

malkyh

christopherroper wrote: »

teh bank swindle money from the people all the time so

That is such a lame excuse for not paying your debts.