6 Years From Default Date?

frostfair

Or from the date of last payment before it drops off your credit file?

I see both points mentioned as to when the clock starts ticking?

happy_bunny_2

6 years from default date.

Last payment is for non defaulted accounts.

fermi

Yes, if defaulted it is 6 years from the recorded default date.

frostfair

Any ideas how long an institution can delay issuing a default?...obviously it would be to their benefit as the debt presumably would never become statute barred?

forgotmyname

Seems to be upto 6 months from the missed payment. Generally between 3 and 6 to give them a chance to come to an arrangement with you.

frostfair

If you havn't paid an unsecured debt for over 6 years and neither in that time have you acknowledged the debt would it then become statute barred even if a default was submitted quite late and 6 years from that default date had not yet passed?

Thanks.

matttye

frostfair wrote: »

If you havn't paid an unsecured debt for over 6 years and neither in that time have you acknowledged the debt would it then become statute barred even if a default was submitted quite late and 6 years from that default date had not yet passed?

Thanks.

Yeah. The statute barred clock starts running from the last payment/acknowledgement in writing. Defaults are nothing to do with it.

rizla_king

matttye wrote: »

Yeah. The statute barred clock starts running from the last payment/acknowledgement in writing. Defaults are nothing to do with it.

Debt collectors and creditors often lie that time runs from the default. Not true.

frostfair

fermi wrote: »

Yes, if defaulted it is 6 years from the recorded default date.

matttye wrote: »

Yeah. The statute barred clock starts running from the last payment/acknowledgement in writing. Defaults are nothing to do with it.

lol! seems even on here people are not too sure!

jellie

frostfair wrote: »

lol! seems even on here people are not too sure!

The 2 posts you have quoted were responding to different questions asked by you. You originally asked about defaults, then statute barred debts.

Maybe you need to be a little more clear what your query actually is?

fermi

Yes, there are 2 entirely separate issues there.

(1) How long do defaulted accounts stay on your credit files?

(2) When does a debt become statute barred?

Both those have by coincidence or design a set period of 6 years, but they are not the same thing or question.

Reason being that a default can be added to your credit file quite some time after the 6 years for the debt being statute barred started ticking, or the other way around if you pay or acknowledge after the default is added the clock could start very much later than the recorded default date.

Both are 6 years, but that 6 years period can start/end at very different times depending on the account history.