Credit Report questions.

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Hi guys i'm in a bit of a pickle about something and i'm not sure of the procedure.

From about 2005 i had a £3000 loan, 500 overdraft, 2 credit cards at a few hundred each and a phone contract.

I defaulted on them all and they went defaulted in 2007. I cleared 1 of my credit cards but still have the other outstanding debt.

I applied for a loan of a 1000 and got rejected now up in Scotland i'm sure the clearance of debt is 5 years and now it's been over 5 years since i've contacted any of the companies i have defaulted with. When companies do a credit check can they see that these were all defaulted or do they get cleared so they can't see?

Also after the 5 years i don't have to pay it? but can the companies who check my rating see that i defaulted over 5 years ago?

Sorry but i don't know much about these things. Any help appreciated.

Comments

  • Jules2012
    Jules2012 Posts: 280 Forumite
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    Defaults stay on your credit file for 6 years no matter where you are in the UK.

    If they went defaulted in 2007 then the will fall off sometime this year.

    You will always be required to pay something you owe however after 6 years the debt becomes statutory barred.
    Bad luck breeds bad luck.

    Damn I'm doomed.
  • OneLife_OneShot
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    Lol at trying to get a loan with multiple defaults. Defaults are for 6 years I think its something to do with statue barred law differs in Scotland.
    "All truths are easy to understand once they are discovered, the point is to discover them."


  • scottyc_2
    scottyc_2 Posts: 13 Forumite
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    conisme wrote: »
    Lol at trying to get a loan with multiple defaults. Defaults are for 6 years I think its something to do with statue barred law differs in Scotland.

    I thought they had fallen of after 5. Hence why I tried. Thanks very much for your help Jules
  • fermi
    fermi Posts: 40,544 Forumite
    First Anniversary First Post Combo Breaker Intrepid Forum Explorer
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    As said, defaults stay on your report fir 6 years in both Scotland and England/Wales/NI.

    Statute of Limitations is something completely different, and that is 5 years in Scotland.

    See: http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=23_prescription_and_limitation_act

    Important difference in Scotland is that if the debts become statute barred, then your liability to pay the debt is legally "extinguished". Unlike in England where they still exist, but just should not be enforced by a court.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • scottyc_2
    scottyc_2 Posts: 13 Forumite
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    Thank you Fermi :)
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