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Default dropped off but still paying debt off

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  • paddyposh
    paddyposh Posts: 524 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    dranzer01 wrote: »
    so you guys are saying when 6 years passes and the default comes off your file - you still have to pay that debt?

    is that what you guys are saying?

    I think most people thought if you have a debt and dont pay it/default on it then a default appears on your credit file, that is effectively a punishment because you didnt pay your monthly payments on the debt - now it sounds like, it wouldnt matter

    so its a punishment for 6 years + you still have to pay the debt in some way shape or form......

    Yes you do, otherwise they could CCJ you.
  • Westminster
    Westminster Posts: 1,004 Forumite
    Part of the Furniture 500 Posts Savvy Shopper! Debt-free and Proud!
    Unless .... you have made no payment (or acknowledged the debt in any way) in the last 6 years, in which case it becomes statute barred and is unenforceable
  • robber2
    robber2 Posts: 559 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Unless .... you have made no payment (or acknowledged the debt in any way) in the last 6 years, in which case it becomes statute barred and is unenforceable
    ............................................but still owed
  • Arleen
    Arleen Posts: 1,164 Forumite
    1,000 Posts Combo Breaker
    robber2 wrote: »
    ............................................but still owed
    Indeed.

    The approach of "you won't get your money back unless you will stuff your hand down my throat" is the very core reason of why interest rates are going sky high and people who trully need credit cannot get it.
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