Default nearly 6 Years Old

Optmus77

After looking at my Credit File recently I can see I have a Default of £3500 for a loan that was registered as Default in November 2007 when I had lots of debt problems. Since then I have been making £12 per month payments and surprisingly I have not been chased up for the debt, apart from receiving annual statements each year.

I want to know what will happen to this Default in Nov 2013. Will it be removed from the Credit File and I stop paying then from Nov2013?

Is there any chance the debt may get sold on to Debt Collectors closer to the date or can I get a CCJ and does it mean my Credit File will have a CCJ from 2013? and or will there be a new Creditor on my Credit File (Debt Collection Agency) from the date if it was sold and need to arrange a new payment arrangment?

In the meantime, do I carry on making £12 monthly payments or do I stop now (if I stopped would it rock the boat in anyway)?
or come November I stop paying them.

Really confused and any help advise on this would be much appreciated.


.PS Great Forum

Thank alot

Willing2Learn

My understanding:

If you have been paying the debt on a monthly basis, it will not become either statute barred (after six years in England & Wales) or extinguished (after 5 years in Scotland). The debt on the account would be legally enforceable until settled/satisfied.

Treadmill

The debt is only statute barred if you have not paid in over six years, you have been making payments so it is still enforceable. The default will disappear from your credit file though.

Bobby278

Hi

I have a similar situation - two CCJ's issued in 2007 that Ive been paying ever since on time every month.

It was such a stressful time when they were issued that I'm still a bit confuded about when they'll come off my credit fiile.

I responded to the forms straight away in mid May 2007 and got a ridiculous request for payment back (during June 2007) which I challenged, went to hearings for both and then got another statement back for each stating the new amounts ordered by the judge.

My question is will they come off at the date of the original order or at the date of the amended oder which was in August - first payments in Spetmber 07.

Having gone for 2 different heaings etc and form filling I was so stressed at the time that I only kept the info about the amended order. I don't know what the date was for the original order - how do I find this out if thats when I should expect them to come off. Can I write and ask the last court that dealt with them when it was will they want a fee? I need to know because its been such a long six years Ill be overjoyed when they come off even thugh Ill still be paying the debt. I d like to know if Ill feel happier by June or September?

Sorry if this is rambling but its the only way to say what I want to ask!
Also sorry if its on the wrong board/section.

Thanks for reading and for any knowledge.:)

Optmus77

thanks for your replies.

So will the default be removed from the Credit File and my Credit rating ? and also on my Credit File there has been no information about the £12 monthly payments I have been making to this date so would this mean its regarded as Statute Barred .and why it it legally enforceable and can I get a CCJ for the debt ?

thanks Optmus

fermi

The default will be removed in Nov 2013.

Another cannot/should not be added, even if the debt is sold on.

It will still be legally enforceable though, as you have been paying/acknowledging the debt since you defaulted.

If you stop paying then the creditor or collector could try for a CCJ which would screw your credit file for a further 6 years.

HappyMJ

Optmus77 wrote: »

thanks for your replies.

So will the default be removed. but why it it legally enforceable. Will this effect my credit rating and can I get a CCJ for the debt ?

By paying any amount you are acknowledging the debt exists.

If they were to get a CCJ and you fail to pay it then yes it will appear on your credit report.

Willing2Learn

Optmus77 wrote: »

...but why it it legally enforceable?

Because you have acknowledged the account by making regular monthly payments, you are therefore required to settle or satisfy the account

Optmus77 wrote: »

Will this effect my credit rating?

A CCJ appears in a seperate section of the report from the account. So even though the account drops off, any CCJ against you will show on your report, and will have a massive negative impact

Optmus77 wrote: »

...can I get a CCJ for the debt?

As stated, the account is legally enforceable and I believe your creditor would be entitled to seek a CCJ against you if were to stop payments.

Optmus77

so in 6 years time when the Default is due to be remoeved than I can get a CCJ that will be with me for a further 6 years. If this was to happen would the Creditor write to me and give notice to setlle of pay in full or will I get court letter when it will be too late to avoid the CCJ.

thanks for the info.

fermi

What are you talking about? :huh:

If the default is dated November 2007 then it will be removed in November 2012. End of. Not 6 years from now.

HappyMJ

Optmus77 wrote: »

so in 6 years time when the Default is due to be remoeved than I can get a CCJ that will be with me for a further 6 years. If this was to happen would the Creditor write to me and give notice to setlle of pay in full or will I get court letter when it will be too late to avoid the CCJ.

thanks for the info.

If you are making the agreed payments however small then the creditor won't seek a CCJ. If you were to stop paying altogether then the creditor might seek to get a CCJ.