Lowell group debt, that I can't remember

spottycat

sourcrates wrote: »

Your credit will already be bad, from what you have said in your original post, you have 3 debts owned by Lowell, so that's 3 defaults, these defaults will show on your credit file for 6 years from date of default.

Paying them off will not change the default entry on your file, only time will do that.

So applying for a mortgage with 3 defaults on your credit file would not get a very positive responce I fear.

Damn...my husbands is completely clear at least...how does that work out?

So if the debt is from 2009/10 and I pay it off now. I still have to wait 6 years for the defaults to disappear?

Obviously I need to go to an mortgage advisor but I'm sure my payed off debt is better than owing the debt?

sourcrates

spottycat wrote: »

So if the debt is from 2009/10 and I pay it off now. I still have to wait 6 years for the defaults to disappear?

No, your not reading me correctly, default will be there for 6 years, from date of default.

So if defaulted in 2009, then it would of gone by now, so must of been later if it's still showing, so say it was 2010, it will be gone this year at some point.

It will tell you the date of default on your credit report.

spottycat

sourcrates wrote: »

No, your not reading me correctly, default will be there for 6 years, from date of default.

So if defaulted in 2009, then it would of gone by now, so must of been later if it's still showing, so say it was 2010, it will be gone this year at some point.

It will tell you the date of default on your credit report.

Thanks for clearing that up, I'm not sure why debt from 2009 was shown then?? When I manage to log into my account again I'll take note.

sourcrates

spottycat wrote: »

Thanks for clearing that up, I'm not sure why debt from 2009 was shown then?? When I manage to log into my account again I'll take note.

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spottycat

I have just had a thought....
I am owing money to tax credits, I stopped my own payments as I had began to earn too much, I had a recalculation of something like £10 a month.
I decided I didn't want/need this and stopped my tax credits.

So another recalculation because it stopped found I owed around £500 I payed this off at £70 per month it will be payed off in June.

Why did this not show on my report?

sourcrates

spottycat wrote: »

I have just had a thought....
I am owing money to tax credits, I stopped my own payments as I had began to earn too much, I had a recalculation of something like £10 a month.
I decided I didn't want/need this and stopped my tax credits.

So another recalculation because it stopped found I owed around £500 I payed this off at £70 per month it will be payed off in June.

Why did this not show on my report?

Only credit related debts appear on your credit report.

Loans, cards, catalogues any account where credit is granted.

Debts incurred where no original credit was granted, will not be reported on your file.

spottycat

Ok so I found I have three for Lowell group my total debt is £1,400
It says the default is 2/08/2010
So will it disappear in August this year?

sourcrates

spottycat wrote: »

Ok so I found I have three for Lowell group my total debt is £1,400
It says the default is 2/08/2010
So will it disappear in August this year?

That is correct yes.

The debt will still be owed, but will be statute barred before that date.

spottycat

sourcrates wrote: »

That is correct yes.

The debt will still be owed, but will be statute barred before that date.

Could you tell me, is it best for my credit to repay this before its barred?

sourcrates

spottycat wrote: »

Could you tell me, is it best for my credit to repay this before its barred?

It could be SB now, depends when you last made any payment.

The default entry will be gone in four months so makes no difference, as things stand, what you do.