Checking Credit File: Where Have my Debts Gone?

inQuestOfAnswers

Hi all, I am new to the community but have something very strange going on.

So first a backstory. I grew up with no financial disipline, from 14 I would work an illegal number of hours whilst in education and in turn, had lots of money with no responsibilities. So when I hit 18 and my addiction for spending went crazy I took out a credit card £500, rang up ridiculous charges on a current account £2400ish, charges on another account £300, Two contract phones £700...

Now I was one of those people who really did contribute to why it is so difficult to get credit now days, I paid nothing back. I went through a long stage of immaturity for a following 4 odd years and took up various vices on my finances - over spending, gambling etc... but after I was 22 I went to university, found some responsibility, spent what I had and no more (mostly because I had no borrowing power) but sorted myself out.

I have now finished University (with a first I might add), have learnt a small obsession with savings, noting all money I spend and enjoying the daily challenging of saving even just 3p on an item - it is addictive right?

So now I have been in employment after uni and my life is different, I today felt that it was time to put things right and settle the debts - then I could take the 6 year walk to waiting to be able to borrow, improve the rating and then get a mortgage. However.....

I opened up a 30 day free trial of experian, sat on the edge of my seat, a box of tissues next to me to dry the tears that were about to brace my cheeks but instead of tears, I was faced with confusion.

On this trial, there was no evidence of any debts at all, now these are all debts from 8 years ago, the youngest debt possible 6 and a half years old but I still owe the money so where are they? It says my score is fair (774) with my only real negative is not being on the electoral roll, I will do it, just moved flats so much at universtiy, it slipped my mind.

It does have a small £200.00 default on there from an unpaid overdraft (this is the one that is about 6 years ago) but it says that it is settled - now I know some people sleep walk, and sleep eat, but there is no way I would not know about sleep-paying-off debts.

Now a part of me wants to believe that there is a debt fairy but is it due to the likely occurance that the experian free tiral only paints a half picture, and I need to be a paying customer?

I hope I haven't bored you all or destroyed the souls of all those grammar nazi's out there with my poor keyboard-mans-ship but any advice will be greatly appreciated - I am keeping my fingers crossed for the debt fairy though - I will take that as a reward for sorting myself out - you know, how bad people get rewarded for not doing bad but good people get nothing for their consistent good-doing, that is how our society works isn't it..

Thank you all

MrSilk

Debts drop off your files after 6 years, no debt fairy, just the law.

inQuestOfAnswers

MrSilk wrote: »

Debts drop off your files after 6 years, no debt fairy, just the law.

Yes, so I have read a couple of articles this evening explaining this fact. So they are off my file, and my rating has been 'zeroed' as it were, that is unbelievably good news to me.

So although they are no longer registered on my file, I still owe the money though, they can still be saught from me though the courts or is it that if they havent taken legal preceedings within the 6 years, it is their bad and they are wiped?

Thank you for the response.

TherealMandM

Yes you still owe the money
Yes they can still ask you for it,
No, they can no longer take you to court.

By obtaining your credit report you have probably alerted them to your address, you may start getting debt letters. You can ignore or reply back with the standard statute barred letter.

inQuestOfAnswers

So where do I go now? Do I have to pay them back or can it be considered over? If I send them this letter can I forget about them? Will it now have no impact on my ability to borrow now they don't exist on my file?

Thank you

TherealMandM

No you don't have to pay them back, they cant do anymore damage to your credit file.
If the 1 default is settled then that also will drop off after 6 years with no chance of them going for a CCJ.

You will get people saying you should pay what you owe, but i did the same thing as you and got loads of credit at 18 and did not pay for different reasons, I was then unable to get any credit for years. I never paid mine back but would not make the same mistakes again.

You only need to contact them if they contact you, if the debt has never been to court then after a 6 year period of no payments or contact by you admitting the debt it is statute barred.

If they have had a CCJ from a debt owed I don't think it ever becomes statute barred (may be wrong) but they would have to go back to court and explain why they have not enforced the debt within the 6 years of the CCJ and I don't believe that's ever happened.

Thrugelmir

inQuestOfAnswers wrote: »

with my only real negative is not being on the electoral roll, I will do it, just moved flats so much at universtiy, it slipped my mind.

This will impact your ability to obtain credit now and in the future.