Awful credit history

choppermcfc

Hi all,

Hoping to get some advice. Long story short, I was useless with money when I was younger and didn't realise the effect not paying your bills on time or at all can have later on in life!

I have been living in Australia for the past 5 years but I'm coming home later this year. I've certainly grown up a lot the past few years and I'm determined not to get in the same mess ever again!

I guess my question is, where do I start getting my finances in order when I get home? I have absolutely no idea where to begin. I moved about so much when I was younger and at University, I have no idea what bills were in my name.

I assume getting copies of my credit reports is going to be the place to begin? There were credit cards, loans, utility bills etc all outstanding when I left to go travelling. I know that was irresponsible of me but at the time I had no real idea of the consequences.

If anyone could give me some advice it would be greatly appreciated.

Thanks

The_Boss

Yes, copies of credit reports are a must when you return but only the £2 statutory ones are needed.

Do not pay for anything that claims to tell you your "credit score" as this is a nonsense guess and is not accurate in any way. Your "credit score" does not exist - applications are what are scored, not people.

If you have been away for 5 years most debts will either be statute barred or coming up to the 6 year limit and will become statute barred. Any defaults may also be dropping off in the next year or so. Don't acknowledge these or contact the lenders until you have obtained your credit reports.

PaulW922

The only thing to be wary of, if you left an address with an unpaid bill, is that if you then request at your new address a copy of the file from your old address, it may cause a link to be created at the credit agency. That data will then be available to debt purchase firms, and collectors etc. I do not know what other posters think, but I wonder if waiting until six years has passed might be an idea? It only sounds like a few months to hold on and the six year limit for collections will have then hopefully passed..

The_Boss

PaulW922 wrote: »

The only thing to be wary of, if you left an address with an unpaid bill, is that if you then request at your new address a copy of the file from your old address, it may cause a link to be created at the credit agency. That data will then be available to debt purchase firms, and collectors etc. I do not know what other posters think, but I wonder if waiting until six years has passed might be an idea? It only sounds like a few months to hold on and the six year limit for collections will have then hopefully passed..

The OP is returning later this year and any debts/defaults may have been months or even years in advance of their departure for Oz. I reckon most will be SB if the 5 years indication was accurate.

choppermcfc

The_Boss wrote: »

The OP is returning later this year and any debts/defaults may have been months or even years in advance of their departure for Oz. I reckon most will be SB if the 5 years indication was accurate.

Thanks for the responses. So, in summary, get copies of credit reports and wait for any debts that haven't been statute barred to be barred?