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Advice from Ind. Financial Advisor. correct?


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Yes the debt is still owed,

no they can't legally enforce it,

but doesn't mean they won't try.

 

Yes it will drop off your visible credit file when creditors do a search should you apply for credit of any kind.

 

However, each lender has its own criteria when considering your credit application,

if you have one or maybe two defaults that are 4 or five years old and nothing since

they will make little difference unless you're looking at something like a mortgage,

even then depending on amount you want to borrow type of mortgage etc it could still be possible to get one.

 

People often think after 6 years the debt disappears, it doesn't,

but sending the creditor or dca a statute barred letter can make them "write the debt off"

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  • 1 year later...

Whats the difference between owing a credit card company, more than , or less than 10k?

 

I've seen reference to courts, and type etc.

 

what differences are there on a default, of one, over the other ?

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You are probably referring to the County Court small claims limit.

 

If there is an action against you for less than £10,000 – including interest – then it would be on the small claims track and that means that even if you lose, there is very little likelihood that you will have to pay the winners costs.

 

On the other hand, if you are being sued for more than £10,000 then it will be put onto the Fast Track and that means that if you lose, you will also have to pay the winners costs.

 

This means that if you are being sued for something which will go onto the small claims track, then you can be reasonably bold about the way you defend it. If you are being sued for more than £10,000 then you have to think very seriously about your chances of losing the case and then having to deal with the other side's costs as well which could easily be 3000 or 4000 or more pounds

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so whats the real reason you asked that question...

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Simply because i had seen reference to it, but it was never explained what the difference was in any of the threads i'd read.

 

All of my defaults are less than 10k :-D

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