Defaults after 5 years?

TheFuzz_2

Hi guys


New here, just a very quick thread for some advice!


Do defaults automatically drop off after 5 years if there's been no correspondence from the company who loaned the amount and the borrower? (Scotland)


If it's almost been 5 years, is it best to just take a chance that they won't issue court proceedings and hope it drops off at the 5 years stage?


Thanks for the help guys

fermi

No. Defaults drop off your credit reports after 6 years, no matter what you or the creditor does.

You are thinking of when something may be statute barred (5 years in Scotland for most debts), which has nothing to do with defaults and when they drop off your reports.

TheFuzz_2

Fermi, would this mean that the credit rating is still affected even for debts of 5, 10, 15yrs+ if not repaid?


Thanks

fermi

No, as I said defaults drop off 6 years after they are first placed on your reports. The whole account is removed, so it no longer affects your report, even if not paid.

TheFuzz_2

Ohhh I think I understand now.


So 5years statute barred (unenforceable) in Scotland, then 6 years they stop affecting the credit rating?


I think I know the answer but it's worth asking anyway - is there any way of checking the last correspondence or payment made to a debt loaner so that you can find out the correct date that it'll be statute barred?


Is a letter to a debt loaner to say that you believe the debt is now statute barred, considered correspondence & therefore does it reset the payment to become statute barred?