Natwest Credit Card issue

[George Washing]

Re: Natwest Credit Card issue

Helps loads thanks. Understand I cant get a mortgage until 2016 and accept that, just got concerned that by paying anything off I was delaying this further!

My plan is to settle the debts as soon as I can (hopefully 2014) and start to rebuild my credit record so that by 2016 I am a fair bet for the banks.

Thanks

GW

[SA Gold]

Re: Natwest Credit Card issue

Helps loads thanks.

Glad to help.

My plan is to settle the debts as soon as I can (hopefully 2014) and start to rebuild my credit record so that by 2016 I am a fair bet for the banks.

That's your choice George. Just bear in mind; your credit file is time-based and not if things have been paid. The banks will use this very file

All the best

SA

[George Washing]

Re: Natwest Credit Card issue

Thanks SX GUY for your response. The research I have done suggests a different story: that if an account has been in default then it should not show on your credit file after 6 years:
http://www.ico.org.uk/Youth/section3...CA1643938.ashx

Therefore whether I pay off anything or not, as all mine had defaults in 2010, then I should be clear by 2016. Unless of course it would then become considered a closed account when the info can stay on for 6 years.

Section 53 or the following link also says the record should be removed after 6 years (when it has been sold)
http://www.ico.org.uk/~/media/docume...%20%20doc.ashx
This link also contains the following:

24 Low repayment levels

If the payment set out in the DMP is at a level that represents only a
token sum in repayment, because that is all the customer can afford, the
account should be recorded as a default. A notice of correction can be
added to the credit agency files by the customer, or the third party not for
profit debt adviser acting on their behalf, to record the existence of the
DMP. Lenders should bring the notice of correction facility to the attention
of customers and their debt advisers. The notice will distinguish the
customer from those who have acted less responsibly. The record should
be removed six years from the date of the default so that the customer is
not disadvantaged over those who have made no effort to pay
whatsoever.

SX Guy, as the above is not in line with your suggestions, what do you make of it? I am confused!

[cardiac arrest]

Re: Natwest Credit Card issue

I think SXguy got it wrong, or was mixing up two different things..data on your credit file ...and statute barred.
Data on your credit file (from a default) disappears 6 years from the date of default..regardless whether you have paid or not paid ...end of story.
If you get a CCJ by any chance (just for completeness) that gets added to your credit file even if the default has timed out..

Statute barred is the one that keeps moving forward every time you 'acknowledge' it...this doesn't appear on any file anywhere..you just need to keep a record and be aware because no one will tell you it's SB (like a Bank for instance)...as they hope you don't know about this stuff..

[Riz]

Re: Natwest Credit Card issue

Yes, accounts that have had a default placed on your credit file disappear from the credit account section of those credit files 6 years from the recorded default date, no matter what. All info in that section is removed. As far as someone checking your file is concerned after that, there is no trace it ever existed.

As said, CCJs are a separate type of entry under the public record section, and have their own 6 years removal from any judgement date, which obviously can be any amount of time after the default date in the other section.

SB date and the fresh accrual of a cause of action by payment or acknowledgement is a totally separate issue and has no dependence on what may or may not be on your credit file. Sometime people assume a relation because both specify 6 years limits for certain things, but is a convention and not a dependant or legal link.