my debts have vanished

danielson250

hello everybody. Just done an experian credit report to find my credit rating is fair and that i have no debts listed. I had debts of about 2.5k before charges from around 2005-2006 and was thinking just recently of starting to pay them to sort my credit rating out so i can get a morgage. Then i find they are not listed. I hace just read about the statute of limitation, and since its been more than 6 years that i racked up the debts and i have no ccjs then i guess im now debt free lol

Experian_company_representative

We drop defaults and court judgments after six years. Your main credit rating challenge now is building up some positive history.

James

FireWyrm

danielson250 wrote: »

hello everybody. Just done an experian credit report to find my credit rating is fair and that i have no debts listed. I had debts of about 2.5k before charges from around 2005-2006 and was thinking just recently of starting to pay them to sort my credit rating out so i can get a morgage. Then i find they are not listed. I hace just read about the statute of limitation, and since its been more than 6 years that i racked up the debts and i have no ccjs then i guess im now debt free lol

Apparently so...congratulations.

Now, are you taking steps to not only ensure you never get into the mess again, but also making the most of what money you do have? There is plenty of advice and guidance on here about basic lifestyle changes that will ensure you never have a debt problem in the future regardless. The best advice to offer is to keep a running financial diary of all spends and to ensure those spends are necessary. If you are doing this already, well done, many arnt and those who are, could probably improve their finances significantly by at least a yearly audit of all DD's, SO's, credit lines etc.

fatbelly

danielson250 wrote: »

hello everybody. Just done an experian credit report to find my credit rating is fair and that i have no debts listed. I had debts of about 2.5k before charges from around 2005-2006 and was thinking just recently of starting to pay them to sort my credit rating out so i can get a morgage. Then i find they are not listed. I hace just read about the statute of limitation, and since its been more than 6 years that i racked up the debts and i have no ccjs then i guess im now debt free lol

Not necessarily.

The debts still exist.

It's just that they may now be statute barred and unenforceable. They also may not be. It's got nothing to do with how it is listed on a credit report, but whether there was ever a period of six years (England & Wales) when you did not acknowledge the debt by payment or in writing.

If you haven't acknowledged them since 2006 and they never commenced a court claim, then you do have a defence should they track you down from your credit report and try a court claim.