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Rob_Mogs

So as not to confuse matters in another of my posts I thought I'd start a new one.


I have an account for apersonal load that went into default in May 2010, so by rights, should 'drop off' my credit file in May of next year.

there is currently still an amount outstanding which I'll be clearing in one go.


All the debt charities I've spoken to tell me that the default WILL drop off after the 6year period regardless of the money outstanding (obviously providing it's paid off before that date), but there seems to be conflicting information out there to say otherwise, that it could be 6years from when the account is marked as satisfied.

anybody able to shed any definitive light on this issue?

cheers
Rob

fermi

Read ---> How long do accounts/defaults remain on your credit file?

However, in short...

defaulted = all traces removed 6 years from default date, even if money still owed at that point.

not defaulted = all traces removed 6 years from settlement date

Can be seen as a bit odd, but that is the way it works.

Rob_Mogs

Ok cheers for that.

So what would happen if the money wasn't paid off?

I only ask because I was the one who contacted black horse about 9months ago, the debt had gone on because they hadn't changed my addresses on their system, it's only when I contacted them that they suddenly want the money again, they had written it off as bad debt and confirmed to me they we're no longer persuing it as they couldn't trace me.

glentoran99

Rob_Mogs wrote: »

Ok cheers for that.

So what would happen if the money wasn't paid off?

I only ask because I was the one who contacted black horse about 9months ago, the debt had gone on because they hadn't changed my addresses on their system, it's only when I contacted them that they suddenly want the money again, they had written it off as bad debt and confirmed to me they we're no longer persuing it as they couldn't trace me.

Its still removed from your credit file, you would still owe the money though

fermi

The default, account, and all details would still drop off your credit files.

Assuming not time barred, and if the debt is valid, they would still be able to go to court for a CCJ on anything unpaid though. Which if granted, and not paid in full in 1 calender month, would go on file as a CCJ for 6 years from the date they got the judgement.

Hazzinho

Worst case scenario is they place a CCJ on your file, that would remain for 6 years, doubt black horse would do but it could happen.

Rob_Mogs

fermi wrote: »

Read --->
However, in short...

defaulted = all traces removed 6 years from default date, even if money still owed at that point.

not defaulted = all traces removed 6 years from settlement date

Can be seen as a bit odd, but that is the way it works.

that post/topic was excellent! cleared a few questions up!

Rob_Mogs

fermi wrote: »

The default, account, and all details would still drop off your credit files.

Assuming not time barred, and if the debt is valid, they would still be able to go to court for a CCJ on anything unpaid though. Which if granted, and not paid in full in 1 calender month, would go on file as a CCJ for 6 years from the date they got the judgement.

So if they apply for a CCJ, and you pay it off within 1 month, you DON'T get a CCJ against you?

because we've got the money to pay it off, is it worth taking the risk of just waiting it out? if a CCJ is applied for then paying it off?

Because from May next year potential lenders won't even see the money is outstanding? is that correct?

matttye

Rob_Mogs wrote: »

So if they apply for a CCJ, and you pay it off within 1 month, you DON'T get a CCJ against you?

because we've got the money to pay it off, is it worth taking the risk of just waiting it out? if a CCJ is applied for then paying it off?

Because from May next year potential lenders won't even see the money is outstanding? is that correct?

You still get a CCJ but it will be removed from the register of Judgments, Orders and Fines if you pay within one month (which in turn means it will not show on your credit file).

Will you not end up paying more interest if you wait it out?

boo_star

It's worth noting that although a default is due to drop off on x date, some DCA's *ahem* "mistakenly" change the default date.

Worth keeping a copy of the date the default shows at now and a copy of your file showing the date it currently has, just in case.

Rob_Mogs

matttye wrote: »

You still get a CCJ but it will be removed from the register of Judgments, Orders and Fines if you pay within one month (which in turn means it will not show on your credit file).

Will you not end up paying more interest if you wait it out?

Theres not been any interest added on since 2010, the interest of the whole borrowed amount is included in the current amount outstanding, (they told me they won't be adding interest)



what is meant by 'time barred'?