£433 old debt from bank loan 8+ years still showing as default

Engineer1975

I have a default notice on my credit report due to 3 missed payments from a bank loan taken out in Jul 2008. While the bank loan was paid off in time, there was a period where i was out of work in 2010 and missed 3 payments. These missed payments weren't added to the balance of the loan, but were logged as missed payments.(total debt of £433)
I stupidly ignored the banks letters and the debt was sold to Robinson Way, and now has been sold on to Hoist Portfolio.
I was given advice that i should just ignore it as i was told it was unenforceable in Scotland and have continued to do so.
I have never acknowledged this debt to either Robinson Way or Hoist Portfolio.
The default notice was issued in Nov 2013 (seems a few years have been added from when i defaulted on this loan:huh:).
Would this be statute barred now?(Scotland 5 yrs) And if it is, how do i go about removing this from my credit file?
Any advice would be appreciated.

[Deleted User]

It will be removed automatically after 6 years.

Engineer1975

Thanks for your quick reply.

OK i have been looking at the wrong Bank Acc. I can see the last payment on this loan was in Sep 2013, and my equifax credit report has the default logged as Nov 2013 so that information is correct. The loan was paid off
and the debt is for the three missed payment back in 2011.

So would this default be removed from my credit report completely as of Nov. 2019 if i don't pay this debt?

or If i call Hoist Portfolio and pay this debt off, would the default disappear? I'm assuming it will still show and take 6 months (August) for my credit eligibility to start to improve if i pay it.

Paying it wouldn't be a problem,but seeing as it would only be another few months to wait until November, do you think not paying would be the better option? that way i will have a clear credit history if the default was removed.

I am currently looking into starting up my own business in the near future and this is the only stain on my credit report so i am quite concerned how this will affect my credit position when applying for start up grants/business loans and finance.

Thanks again for your reply.

[Deleted User]

The default will stay, whether paid or not.

However, a paid default looks better than unpaid.

Engineer1975

you said earlier it would be removed after 6 years?

[Deleted User]

Correct.

Paying it does not shorten the 6 years.

Engineer1975

Thanks zx81

twhitehousescat

Deleted_User wrote: »

It will be removed automatically after 6 years.

"I was given advice that i should just ignore it as i was told it was unenforceable in Scotland and have continued to do so."

5 yrs Scotland

[Deleted User]

twhitehousescat wrote: »

5 yrs Scotland

For unenforceability.

6 years CRA.

twhitehousescat

ok , didnt know that , thought it was 5 in scotland

Engineer1975

Deleted_User wrote: »

For unenforceability.

6 years CRA.

CRA? excuse my ignorance