Defaults falling off rating.

Marty_id

Looking to an answer to a question I can't find a definitive answer on.

I have some debts that have fell off my credit file.
Now i'm with the understanding that If I'd acknowledged the debt the 6 years (To fall off) would have started again.

If the above is correct. And as they've fell off my files (they're over 8 years old) I'm assuming that they can't go for a CCJ on these now but the debt still exists?

And if both the above is true if I was to contact the agencies and offer a payment to stop them sending things like annual statements I'd be OK?

Hope you're all well
Thanks for reading.

Regards

Westminster

You are a little mixed up here - the gist is as follows:

Any defaulted accounts will drop automatically from your credit files on the 6 year anniversary of the default date. This is regardless of whether you acknowledge the debt.

Even once a defaulted account drops off your file, if it's not statute barred then further action (CCJ) can still occur if you fail to keep up payments.

However, if you have made no payment or acknowledged a debt for 6 years then the debt can still technically exist but is no longer enforceable through the courts.

So - if you have not paid or acknowledged in 8 years then you basically ignore the debts. It is probably wise to get the statute barred template from the debt free wannabes section and send them to the creditors.

MEM62

Marty_id wrote: »

Looking to an answer to a question I can't find a definitive answer on.

I have some debts that have fell off my credit file.
Now i'm with the understanding that If I'd acknowledged the debt the 6 years (To fall off) would have started again. Your understanding is incorrect. The defaults will drop off your file 6 years after being applied. Acknowledgement, payment or other contact with the lender does not change this.

If the above is correct. And as they've fell off my files (they're over 8 years old) I'm assuming that they can't go for a CCJ on these now but the debt still exists? If you are looking at the debt being statute-barred, this is not related to whether the debt shows in your report or not. A debt is statute-barred if you have not made a payment or acknowledged it for six years.

And if both the above is true if I was to contact the agencies and offer a payment to stop them sending things like annual statements I'd be OK? No you wouldn't. If you sent them a payment it would not stop statements from being issued. Also, in making a payment you would re-start the clock with respect to the debt being statute barred.

Hope you're all well
Thanks for reading.

Regards

...................................

joeyf101

I have a related question... I stopped using all my credit cards in 2007 and with a DMP have negotiated low payments with them all. I also had an RBS loan which has since been sold to Allied International, which was also defaulted and payment plan agreed in 2007. I have just realised that the credit card debts have fallen off my credit file but the loan remains. Can anyone explain this? Does a loan appear for longer?

fermi

joeyf76 wrote: »

I have a related question... I stopped using all my credit cards in 2007 and with a DMP have negotiated low payments with them all. I also had an RBS loan which has since been sold to Allied International, which was also defaulted and payment plan agreed in 2007. I have just realised that the credit card debts have fallen off my credit file but the loan remains. Can anyone explain this? Does a loan appear for longer?

No, but sounds like they may have not marked it properly as a default. If that is the case, it would not fall of until 6 years from the eventual satisfaction date

glentoran99

MEM62 wrote: »

Also, in making a payment you would re-start the clock with respect to the debt being statute barred.

If its already statute barred then nothing will restart any clock

joeyf101

fermi wrote: »

No, but sounds like they may have not marked it properly as a default. If that is the case, it would not fall of until 6 years from the eventual satisfaction date

Thanks for this. DO you know if there's a way to change the way it is reported??

onthefencepost

hope its not a silly question how do you get a loan statute barred?

sourcrates

onthefencepost wrote: »

hope its not a silly question how do you get a loan statute barred?

If you live in England or wales, then any period of 6 years, without payment or written acknowledgement, then the debt will be statute barred. (in Scotland its 5 years).

Or, in legal speak :

"An action founded on tort shall not be brought after the expiration of six years from the date on which the cause of action accrued".


http://www.legislation.gov.uk/ukpga/1980/58