Do you think 6 years is fair?

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  • buythedip
    buythedip Posts: 104 Forumite
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    Hugely disproportionate for some things, not so much for others

    Of course, difficult for lenders to differentiate when it’s simply run through a computer
  • Karonher
    Karonher Posts: 916 Forumite
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    I would say it is about right. And I know this will not be popular, but I would think there could be arguments for making it longer for habitual defaulters if the only reason for the debts were overspending on holidays, clothes, entertainment.

    Clearly it is a different matter if it is illness or suddenly changed living circumstances.
    Aiming to make £7,500 online in 2022
  • Kentish_Dave
    Kentish_Dave Posts: 842 Forumite
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    It should be longer. Banks can already pay no attention to old defaults if they want, those calling for it to be for fewer years are in effect saying that they want to hide the facts from a borrower to whom they are applying.

    If, as some on here claim, old defaults don’t reflect your behavior now then why the desire to have them gone? If they don’t matter why hide them?
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    The debt only drop off where they get reported.

    The records last a lot longer elsewhere.

    Lenders chose from what they can see(which is more than you see) to decide what they will lend. Out to people.

    Getting credit won't be a problem, getting a lot will be depending on what's there.
  • ferry
    ferry Posts: 2,008 Forumite
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    getmore4less wrote: »
    The debt only drop off where they get reported.

    The records last a lot longer elsewhere.

    Lenders chose from what they can see(which is more than you see) to decide what they will lend. Out to people.

    Getting credit won't be a problem, getting a lot will be depending on what's there.




    I quietly think the credit company staff get a buzz out out hitting that 'report it' button:rotfl:
    :j
  • Choccygirl123
    Choccygirl123 Posts: 1,033 Forumite
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    Shoot me down in flames but I think it's fair.

    I think anything less and too many people won't tackle their debt and just wait for it to drop of their files. The cost of borrowing would shoot up and everyone else would have to absorb the cost.
    Finally Debt Free 24/4/2023 
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    It’s perfectly fair, especially for people who purposely don’t pay back their debts in the hope that they’ll just drop off
  • RecentPost
    RecentPost Posts: 72 Forumite
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    In my opinion it stunts economic growth and social mobility. Unfortunately we live in a lending society where every level of the economy is in debt. My argument would be yes there needs to be some negative incentive to failed borrowing but this should be much shorter.
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
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    Ten years, say, would be a better incentive to deter people from borrowing more than they can realistically afford.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    edited 16 July 2019 at 4:28PM
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    iolanthe07 wrote: »
    Ten years, say, would be a better incentive to deter people from borrowing more than they can realistically afford.
    When I accrued debt, I was not aware of the six-year rule. So, ten years would not have been an deterrent for me. Though I have no idea whether my lack of awareness is typical of the majority of the population...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
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