Aged Debts- when do they cease being an issue?

[Riz]

Re: Aged Debts- when do they cease being an issue?

Yes, accounts are removed completely from your credit file 6 years from the recorded default date.

Someone searching your credit file after that point, for whatever purpose, will not see any sign that the account or default ever existed.

[m4rc]

Re: Aged Debts- when do they cease being an issue?

That's great, just what I needed to hear. So all we need to do now is sit and wait and see if they go away, personally I would have thought as the amounts owed on each account are so small (compared to a lot of other debt) they would just keep selling them and eventually get bored as they have in my case. However I may well be wrong, time will tell I guess!

[SA Gold]

Re: Aged Debts- when do they cease being an issue?

That's great, just what I needed to hear. So all we need to do now is sit and wait and see if they go away,

Hi.
Thats exactly what i would do. Easier said than done, but try not to worry about this - you are in good hands here.
Best
SA

[m4rc]

Re: Aged Debts- when do they cease being an issue?

Thanks SA Gold, to be honest it doesn't bother me but my other half gets very stressed by this stuff. I open all the post and make the bad stuff magically vanish so she doesn't have to see it, I'm going to get her to change her mobile number as that's the other issue, from then it's just a case of waiting a few years!

Any DCA's likely to get nastier than others?

[SA Gold]

Re: Aged Debts- when do they cease being an issue?

Thanks SA Gold, to be honest it doesn't bother me but my other half gets very stressed by this stuff. I open all the post and make the bad stuff magically vanish so she doesn't have to see it, I'm going to get her to change her mobile number as that's the other issue, from then it's just a case of waiting a few years!

That's understandable - its not until you begin looking in to all this debt stuff you realise what is what so to speak. To give you an idea, i registered on this forum as my mrs and pretended to post as her asking for me. Sad, i know, but that was my level of understanding (or rather lack of it) prior to reading some of the diaries.
Changing her mobile would be an excellent de-stresser in my opinion.

Any DCA's likely to get nastier than others?

Um, some are more menacing than others, but as long as you post on the forum for help as and when required and use the templates; they will realise you have found kosha advice and will move on to a poor soul less knowledgeable than yourself.

[SaltnVinegar]

Re: Aged Debts- when do they cease being an issue?

So Statute Barred aside for a minute, taking this back to its simplest form, I want to know when a credit search would not contain these debts as an issue.

Well that is dependant on the lender and how they use the data. Some companies only search back 3 years, some 6 (especially if for a mortgage). Some lenders (GE Money as an example), used to offer loans to people with defaults within certain criteria (I think it was maximum of 2, within a certain amount owing). A good independant mortgage advisor (of which we have a few here), could probably give you some more prompters.

I understand that if it's been 5 years since the default but last payment was made 1 year ago then the debts would not be Statute Barred for 5 more years, but it's the mortgage I'm interested in and wondering when that may be feasible.

While you're using the word 'default' when taking about CRA's and Statute Barred, you also need to understand that a default registered with the CRA's is NOT the same thing as a default notice issued by a creditor under the provisions of the consumer credit act (the thing you get in the post).

[m4rc]

Re: Aged Debts- when do they cease being an issue?

That's understandable - its not until you begin looking in to all this debt stuff you realise what is what so to speak. To give you an idea, i registered on this forum as my mrs and pretended to post as her asking for me. Sad, i know, but that was my level of understanding (or rather lack of it) prior to reading some of the diaries.
Changing her mobile would be an excellent de-stresser in my opinion.

You have my sympathy, when I had money problems was around the same time I found out my baby son was disabled, added together I had a nervous breakdown. I went bankrupt to get rid of it all, big decision but being able to tell creditors harassing me that they were breaking the law by making contact and they had to contact my official receiver made me smile. A lot! But yea I know how much this stuff can get inside your head and completely muck up your life, it's great that the people on here give their time to help others. I know there's a culture of 'you got yourself in this mess you should pay your way out of it' but we all know the credit companies make allowances for writing off these debts. Generally we are not talking about low rate mortgages, the people struggling owe to mail order companies where you pay a higher price than average and hen the interest for the credit.

While you're using the word 'default' when taking about CRA's and Statute Barred, you also need to understand that a default registered with the CRA's is NOT the same thing as a default notice issued by a creditor under the provisions of the consumer credit act (the thing you get in the post).

So if you are served a default notice it doesn't go on your credit file? That's something different? When and why would your credit file show a default and how do the creditors inform you they they have applied that (if they do tell you) and what do they call it?

[SaltnVinegar]

Re: Aged Debts- when do they cease being an issue?

So if you are served a default notice it doesn't go on your credit file? That's something different? When and why would your credit file show a default and how do the creditors inform you they they have applied that (if they do tell you) and what do they call it?

They're both called 'Defaults' which is what causes the confusion but yes they're different. A default notice is a legal requirement under the Consumer Credit Act, and has to have content in a particular prescribed form. You can find details here:

http://www.legislation.gov.uk/ukpga/...efault-notices

This is why you sometimes see people arguing 'bad' default notices, because a creditor has not adhered to that prescribed form, and can be used as part of a defense (though its not advised as the sole item) in court action.

A 'Default' reported to the credit reference agencies is simply information reported related to the conduct of your account, and how/when they do this depends on the creditor. Theoretically it should be around the same time, but very frequently creditors will report a default with the CRA's many months, or in some cases a couple of years, after a default notice has been served.

This is a deliberately spiteful action whose sole intention is to screw up a persons credit file, and prevent them from getting credit for a longer period of time. This can be challenged, if you notice it, and theres the rub, as a creditor will rarely tell you that they have registered a default with the CRA's (though they will use it to threaten you).

[m4rc]

Re: Aged Debts- when do they cease being an issue?

I wanted to update this now we have looked at the credit files.

There are 14 defaults, most have a default date of late 2011 through to mid 2012, a bit later than I had hoped but that means they will drop off by mid 2018. I would be interested to know if any mortgage lenders will accept defaults that are 4/5 years old, I was guessing 'no' though!

I guess because a DMP was in place most of the lenders were happy to not apply the default notice until later when she stopped paying, rather than when she first ran into money problems.

Two accounts are very annoying though, one from Classic Confidence have the default marked as June 2014, and one is 25th September 2014, Sigma Red, a debt collector I believe. What I don't really get is there are just 3 red 8's showing, I can't see the first 2 dates but the last one is marked as 25th Jan 2015, so over a week from now! The starting date for the account is 25th May 2007 but no payment records other than the last 3 8's. Not a lot we can do I'm sure.

So it looks like there will be defaults showing until 2020, not what I wanted to see. Her credit score is higher than mine and I have no defaults, she has positive comments mostly as she has a few mobile contracts for the family, utility contracts and Virgin media contracts wih a few settled, so the majority of the record looks fairly positive.

not sure I can do much more, paying debts off won't make them remove the defaults so we are stuck with not being able to get a mortgage for nearly 6 years!

[Never-In-Doubt]

Re: Aged Debts- when do they cease being an issue?

So if you are served a default notice it doesn't go on your credit file? That's something different? When and why would your credit file show a default and how do the creditors inform you they they have applied that (if they do tell you) and what do they call it?

Did you read ANY of my replies on the previous page?

You've been told by me & Riz and I provided links that clarify each point asked. Research. It's all there by going to page 1

Again - read this!! --> http://forums.all-about-debt.co.uk/s...87-s88-CCA1974

[Never-In-Doubt]

Re: Aged Debts- when do they cease being an issue?

I wanted to update this now we have looked at the credit files.

There are 14 defaults, most have a default date of late 2011 through to mid 2012, a bit later than I had hoped but that means they will drop off by mid 2018. I would be interested to know if any mortgage lenders will accept defaults that are 4/5 years old, I was guessing 'no' though!

I guess because a DMP was in place most of the lenders were happy to not apply the default notice until later when she stopped paying, rather than when she first ran into money problems.

Two accounts are very annoying though, one from Classic Confidence have the default marked as June 2014, and one is 25th September 2014, Sigma Red, a debt collector I believe. What I don't really get is there are just 3 red 8's showing, I can't see the first 2 dates but the last one is marked as 25th Jan 2015, so over a week from now! The starting date for the account is 25th May 2007 but no payment records other than the last 3 8's. Not a lot we can do I'm sure.

So it looks like there will be defaults showing until 2020, not what I wanted to see. Her credit score is higher than mine and I have no defaults, she has positive comments mostly as she has a few mobile contracts for the family, utility contracts and Virgin media contracts wih a few settled, so the majority of the record looks fairly positive.

not sure I can do much more, paying debts off won't make them remove the defaults so we are stuck with not being able to get a mortgage for nearly 6 years!

As a result of the above you're best leaving things for a while and stop worrying about credit / mortgage. You will be able to save a healthy deposit over the next 5/6 years - so it's not all bad.

Sadly the DMP has in essence paused things. So they'll defaukt you now. However as its not just 1 account holding you back, I'd forget it and think about things in 3-4 years time. If after 5-6 years there's only an odd default, it's THEN that's good to argue removal / error. You simply can't do it with 10+ defaults.

So its a waiting game

[m4rc]

Re: Aged Debts- when do they cease being an issue?

I read it all and I've read a whole lot more over the last few months, the information people give is full of legal speak, jargon and contradiction? I came here for some actual advice and information on my situation, not more long texts to read, I had hoped I could discuss it not keep being sent off to other pages to read and get more confused.

Maybe it's better if I just get on with it, I don't feel especially welcome to be honest. Thanks for the advice I will hopefully get somewhere in the future!

[oscar]

Re: Aged Debts- when do they cease being an issue?

I read it all and I've read a whole lot more over the last few months, the information people give is full of legal speak, jargon and contradiction? I came here for some actual advice and information on my situation, not more long texts to read, I had hoped I could discuss it not keep being sent off to other pages to read and get more confused.

Maybe it's better if I just get on with it, I don't feel especially welcome to be honest. Thanks for the advice I will hopefully get somewhere in the future!

Everyone here is made to feel welcome. You have to remember that we are all volunteers, and he forum has well over 1000 active members, some of which are involved in lengthy court cases now.

If you tell us what is confusing you, we can help - unfortunately, there is nothing we can discuss to help your situation, the defaults exist (rightly or wrongly) and these are a bar to your situation.
As you have stated, there are recent defaults on your credit file, therefore you are unlikely to gain a mortgage until these have expired

[SXGuy]

Re: Aged Debts- when do they cease being an issue?

Sorry but if you ask a question that has a complex answer please don't expect a short reply. You can not ask what is the difference between the two defaults and expect a short answer. If you want to be fobbed off or have a reply which doesn't help then you are in the wrong place.