UNSECURED LOAN REMOVED?

DNA100606

I left the country in 2016 due to DV and returned five years later having subsequently divorced my ex (yay me!) and now as a result of Him making me put everything into my name.

There were several non-payments thanks to him not paying the bills which have resulted in my credit score/rating plummetting. 

I am scared to change my address from the old shared one to my current address as I am now in a better financial position which I'd prefer not to be tarnished or associated with Him!!

My question is thus ... what exactly does it mean when it says "unsecured loan removed" on my credit report and how does this affect me. And if other debts have dropped off does this mean I am 'safe' and free to breathe?

I am hoping that if I understand this correctly that "my debt" is not going to be chased and I can change my address to improve things. 

I have managed to ignore this for the past two years since my return but really want to be honest on my credit report.

I cannot seem to find anything online so any guidance would be appreciated.

Thank you in advance and apologies for the essay!!

CliveOfIndia

It depends on who's name the debts were in.  A mortgage, for instance, is commonly (not always) a joint debt, so any defaults would affect both you and your ex's credit history.  If the unsecured loan was solely in his name and you've applied for a financial disassociation from him, that may explain why it's been removed from your record.

It's important to realise that any debts which are in your name will continue to be enforceable.  However, a debt is associated with a person, not an address - so as far as it goes there's no reason not to update your address.  Any debts which are in your name will still need sorting, but changing your address, in itself, is no problem.

DNA100606

sadly everything was in my name .. he was smart like that .... do they drop off after six years though?

CliveOfIndia

DNA100606 said:

do they drop off after six years though?

Well, defaults will drop off 6 years after the debt was last acknowledged.  If all the debts are unsecured (credit cards, personal loans, etc.), this is certainly one option - though obviously your credit history will be trashed, meaning it'll be nigh-on impossible to get any further credit until your history is clean again.

You just need to be careful about things like a mortgage or council tax - not paying these can have much more far-reaching consequences, and should not be simply ignored.

sammyjammy

CliveOfIndia said:

DNA100606 said:

do they drop off after six years though?

Well, defaults will drop off 6 years after the debt was last acknowledged.  If all the debts are unsecured (credit cards, personal loans, etc.), this is certainly one option - though obviously your credit history will be trashed, meaning it'll be nigh-on impossible to get any further credit until your history is clean again.

You just need to be careful about things like a mortgage or council tax - not paying these can have much more far-reaching consequences, and should not be simply ignored.

Thats not true.  Defaults will drop off your credit record six years after the default was first registered, if you are in England the debt becomes statute barred six years after last acknowledged.  If they have been acknowledged  and or paid in that six year period they can still chase you for payment whether its on your credit record or not.

DNA100606

thank you for your comments to my post. I am feeling more confident that finally my ex is well and truly so far in the rear vision mirror that I cannot see him. 
All the debts are unsecured so that's something! I'm just glad that I never had a mortgage with him. 
I'm fairly sure I ignored them all mainly as it was a reminder of him; either way thank you for your assistance and reassurance!