House repossession and building back credit rating

Amy_Willoughby

Approx 7 years ago my husband had his home repossesed. He had various debts. The secured debts were replayed with the sale of his house. We would like to buy a house soon and wondered if its true that after 7 years the unsecured debts are wiped out. He hasn't had a bank account or any credit searches for over 7 years. Also what's the best method to rebuilding his score. He has a very secure job earning good money and his own business. Please help
Amy

Wywth

Amy_Willoughby wrote: »

Approx 7 years ago my husband had his home repossesed. He had various debts. The secured debts were replayed with the sale of his house. We would like to buy a house soon and wondered if its true that after 7 years the unsecured debts are wiped out. He hasn't had a bank account or any credit searches for over 7 years. Also what's the best method to rebuilding his score. He has a very secure job earning good money and his own business. Please help
Amy

No it is not correct that unpaid, unsecured debts are wiped out after 7 years.

They are never wiped out (unless the lender agrees otherwise) although recovery of debts not acknowledged within the last 6 years (5 in Scotland) may be difficult.
Search for Limitations Act for more details.

Regarding a credit history, only the last 6 years are usually disclosed to a prospective lender.

There's an MSE article that explains how to improve a credit rating:
http://www.moneysavingexpert.com/loans/credit-rating-credit-score

More useful information can be found on the Citizens Advice self-help website www.adviceguide.org.uk or by calling the Citizens Advice Consumer Helpline (0845 4040506) or contacting your local CAB office.

Amy_Willoughby

Thank you for your reply. We are looking to open a bank account for him in the next few days and perhaps open a credit card to build up a credit score. Will the unsecured debtors be able to trace him from this?