Defaults Question

thelibrarian11
thelibrarian11 Posts: 143 Forumite
100 Posts Third Anniversary Name Dropper Photogenic
edited 22 August 2024 at 1:28PM in Debt-free wannabe
I have a Q about 2 of my husband's debts that aren't being reported on his credit reports - is it because he defaulted more than 6 years ago? He still owes that money doesn't he, it's just not on his report because of that default thing. I didn't know that was a thing, I've learned something! If I've got that correct, another one is about to disappear in November, which is all of his currently defaulted debts.

I'm tempted to preserve his credit rating by keeping up with his minimum payments, but this takes out about £200 from what I'm able to offer HMRC for my self assessment debt. Do you think it's the right decision to default on his other debts starting now and pay HMRC more? I'm thinking that's most sensible, but I do have the option of offering HMRC less and then his credit rating will start going up, although he's linked to me on there which won't help. 
Debt owed
22/08/2024: £25577.87
22/04/2025: £19646.78
Difference: -£
5931.09
Percentage of debt paid off: 23%
Diary - A Lifetime of Debt

Comments

  • Rob5342
    Rob5342 Posts: 2,362 Forumite
    1,000 Posts Third Anniversary Name Dropper
    edited 22 August 2024 at 1:42PM
    Debts always drop off 6 years after tje default date. They will become statute barred 6 years after the default date or 6 years after they were last acknowledged (by acknowledging them in writing or making a payment). They can't be enforced in court once they are statute barred so you can forget about them at thst point.

    If he defaults on his othet debts then his credit record would be harmed for another 6 years. 

    What's his financial situation? Are you paying them for him, or do you just mean that jointly paying his debts means there are s less for ypur debts? 
  • thelibrarian11
    thelibrarian11 Posts: 143 Forumite
    100 Posts Third Anniversary Name Dropper Photogenic
    edited 22 August 2024 at 3:34PM
    Rob5342 said:
    Debts always drop off 6 years after tje default date. They will become statute barred 6 years after the default date or 6 years after they were last acknowledged (by acknowledging them in writing or making a payment). They can't be enforced in court once they are statute barred so you can forget about them at thst point.

    If he defaults on his othet debts then his credit record would be harmed for another 6 years. 

    What's his financial situation? Are you paying them for him, or do you just mean that jointly paying his debts means there are s less for ypur debts? 
    We do all our finances together, so I mean jointly more on his means less for mine. 

    So we have been paying them therefore have acknowledged them, so not statute barred unless I hide for another 6 years. Is that right? It's just a credit rating thing then. We don't need a good credit rating for anything, except getting more debts, so a low credit rating I often think is good for us, keeps us on the straight and narrow while we do this!
    Debt owed
    22/08/2024: £25577.87
    22/04/2025: £19646.78
    Difference: -£
    5931.09
    Percentage of debt paid off: 23%
    Diary - A Lifetime of Debt
  • fatbelly
    fatbelly Posts: 22,692 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    The other main reason debts do not appear on a credit report are that they are not the right sort of debt. Utilities, Council debts, court debts, small businesses, even some lenders do not report
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