Question

wigan123456

Hello I am new to this just signed up to ask a question and some advice.

Ive signed up for a free 30 day trail to check out my credit report because I knew I had an old loan from around 6 years ago which I stopped paying due to losing my job but obviously I want to start paying it back. I also had another loan which I stopped paying at the same time but have been paying that back for the last 12 months now. Other debts such as phone accounts from that time have all been paid off now as well. The only outstanding debt I've got now are these 2 loans (admittedly large ish loans). when checking my file I noticed some stuff from over 6 years ago were not on my file and the only one that wasn't green was the loan I am currently not paying which is due over 6 years in july. I will hopefully have something in place to start re paying that off in the next few days. My question is, Will my credit score stay shocking why I am paying these loans off and not improve until paid off? Also will the score improve at all after it passes 6 years that I last paid the loan, or is that something that will not be viewable to me on my credit report but something that someone who wants to lend me money will see?

Hopefully someone will understand what I am asking haha

Thanks

happy_bunny_2

Accounts drop off your file 6 years from settled (paid off).

They also fall off 6 years from the default date.

Do the accounts on there have a default date? When is it? Or are the showing as arrangement?

When did you take out the loans?

If you haven't paid or acknowledged a debt in writing for 6 years it's statute barred. This means its still owed, but the creditor can't get a CCJ to enforce in court. At this point, some say that they don't need to pay. If you do, you will likely to be able to negotiate a large discount as if you chose not to pay then not a lot they can do to make you.