Defaulted Bank account - Should i leave for 6 years?

martinx26

Hi there,

This is the situation:

I have 2 defaulted accounts: 1 Bank account and 1 credit card.

These 2 accounts are old accounts and i made the mistake of burying my head in the sand.

According to my recent credit report:

The credit card became "Defaulted" in december 2008
The bank account became "defaulted in march 2009.

I have since moved address a few times since then. The amounts are pretty high and i cannot afford to repay them.

Would i be right in thinking that these Defaulted bank account would be wiped from my credit file after 6 years? (after being defaulted)

You-kip

Wiped from CR 6 years after default issued whether you pay it back or not.

martinx26

Ok thanks for confirming this. So i don't see any point in paying it, even if i could.

I don't indent on using credit for the short term future.

le_loup

martinx26 wrote: »

i don't see any point in paying it,

Excellent attitude. We should all do the same.
No wonder the country's in a mess.

You-kip

martinx26 wrote: »

Ok thanks for confirming this. So i don't see any point in paying it, even if i could.

I don't indent on using credit for the short term future.

But the Debt doesn't go away it just get erased from your credit report you'll still be hassled for the rest of your life until its paid.

Thrugelmir

martinx26 wrote: »

I don't indent on using credit for the short term future.

That's 2 lenders that will black list you.

You-kip

Thrugelmir wrote: »

That's 2 lenders that will black list you.

Black list???

Thrugelmir

You-kip wrote: »

Black list???

Despite not being on credit agency records. The original lender still will have the default listed in their own records.

Debt may well be unenforcable however they can decline any new business without reason.

goaroundnow

You-kip wrote: »

you'll still be hassled for the rest of your life until its paid.

This is simply not true - there is a statute of limitations.

goaroundnow

Thrugelmir wrote: »

That's 2 lenders that will black list you.

There's plenty of, admittedly anecdotal, evidence that some lenders will once again do business with a previous defaulter.

You-kip

goaroundnow wrote: »

This is simply not true - there is a statute of limitations.

Yes we know that but giving out information about statue barred cases only make people running away from debt that much easier.