6 years from when to clear file?

SilverBullet

Is it 6 years from your default, or 6 years from when is your credit file automaticly cleared?

In some cases is it less than 6 yrs?

fermi

https://equifaxuk.custhelp.com/app/answers/detail/a_id/238/

Six years from the date the account was settled, written off or defaulted – whichever happened first

The_Boss

Can't really add to that.

Thrugelmir

SilverBullet wrote: »

Is it 6 years from your default, or 6 years from when is your credit file automaticly cleared?

In some cases is it less than 6 yrs?

When you settle the debt also has a bearing on how you will be scored by lenders.

bulccp05laer

If you only have a few years to go until the 6 years is up then why not write to the creditor and ask if they will settle for 25%.

They may decide 25% is better than nothing. Then you can clear your report a little earlier.

bulccp05laer

Thrugelmir wrote: »

When you settle the debt also has a bearing on how you will be scored by lenders.

What if you dont settle just wait 6 years until its gone?

The_Boss

How come the original post has been thanked?

fermi

bulccp05laer wrote: »

What if you dont settle just wait 6 years until its gone?

Will obviously not look good until the entry goes at the 6 years point. After it clears there will be no difference to a lender with no record of the debt.

However, by not settling you would have the constant risk of a creditor going for a separate CCJ or even bankruptcy order etc against you, which would screw your credit record worse than the original default for a further 6 years if granted.

fto

fermi wrote: »

Will obviously not look good until the entry goes at the 6 years point. After it clears there will be no difference to a lender with no record of the debt.

However, by not settling you would have the constant risk of a creditor going for a separate CCJ or even bankruptcy order etc against you, which would screw your credit record worse than the original default for a further 6 years if granted.

I thought the debt became statute barred after six years.
Are you trying to scare the op?.

Tixy

fto wrote: »

I thought the debt became statute barred after six years.
Are you trying to scare the op?.

A debt doesn't become statute barred until 6 years after the last payment or written acknowledgement which could be a long time after the default date.
So a creditor can often still take legal action after the default and account entry have dropped off the credit file.

Doesn't seem like the answer was to scare the OP but just to suggest a possible answer to post #6.

fermi

fto wrote: »

I thought the debt became statute barred after six years.
Are you trying to scare the op?.

I was responding to the post from bulccp05laer, and no, not trying to scare anyone.

I was also referring to the period during which they would be waiting for the default to drop off, which for the majority of the time if normal time frames can be considered, the debt would not be statute barred. Also if some part payments or acknowledgements in writing were made after the default was applied, then a debt could remain not statute barred long after the default itself has dropped off the file.