how long does debt last?

biggybiggy

I have a number of debts which were initially run up on credit cards. To be brief, life got to be a bit of a mess, and I ignored most of the letters. The debts have been sold on a number of times. Its now been 3 and 4 years since I last heard from some of them, so can I find out if these debts have been written off? I'm in a much better place psychologically to deal with it all now. (I live in Scotland if that is of any relevance.)

January2015

Statute of limitations in Scotland is 5 years. So if you have not acknowledged or made payment to a debt in that period then it becomes unenforceable.

I would keep your head down until this time has passed and hope no-one chases you hard in the meantime. If they do - come back for advice and deal with it as and when it happens.

iolanthe07

Scotland is different from England and Wales in that the debt is actually written off in Scotland after five years, whereas in England and Wales it merely becomes unenforceable (after 6 years). The difference may seem academic, but it does mean that you're not so likely to be chased by chancers.

PoorGuyNextDoor

When is the 5 years up in Scotland? When you last make a payment or acknowledge the debt?

Does that mean that 5 years will be up, its written off but then it takes 6 years from there for your credit rating to be able to improve?

fatbelly

Credit files are the same in Scotland as England so any entry will be removed 6 years after the account is defaulted or settled, whichever occurs sooner.

Your credit rating is a made-up number so will go up and down randomly.

PoorGuyNextDoor

Can a company only give you the one default then or can they default you every month payment is due but not made?

sourcrates

PoorGuyNextDoor wrote: »

Can a company only give you the one default then or can they default you every month payment is due but not made?

You can be defaulted only once, the monthly updates just reflect the defaulted status which will show for 6 years.

biggybiggy

For the first time in over 5 years, I've just looked at my credit file with Noodle and there is nothing there on the credit cards page.....no live accounts and no closed accounts. Does that mean they are completely gone...no-one can come back for them? (There were 3 very significant amounts outstanding.)


Separate question......the other card ended with a CCJ, which I am paying off. I'm halfway through it but its going to take years yet to clear it. Shoosmiths keep offering me early repayment deals so my question is this:


If I eventually pay off the balance on the CCJ, how long will the historical CCJ sit on my credit file?
If I negotiate a partial final lump sum payment now, will that stay on my file for any longer?


Basically if I made a partial settlement NOW, would I have a 5 year blight on my credit file from now, 9and then the CCJ will disappear off my file), but if it takes me 3 years to pay it off in full, will it be 8 years from NOW, blight on my credit file?


Hopefully I've phrased my question properly, but I'm not sure I have!

sourcrates

County court judgements stay on your credit file for 6 years regardless of weather they are paid or not.

Defaulted debts in Scotland are extinguished after 5 years, (limitations act) and removed from your credit file after 6 years, in line with the rest of the UK.

Carrot007

biggybiggy wrote: »

no live accounts and no closed accounts. Does that mean they are completely gone...no-one can come back for them? (There were 3 very significant amounts outstanding.)

Your credit reports (and do check the rest), reporting is completely unrelated to the enforcabilty.


You need 5 clear years for it to be written off. If this is not the case they can come after you regardless of what your credit report says.