Defaults Question

thelibrarian11

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. 

Rob5342

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

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!

fatbelly

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