Credit file wiped after 6 years?

[qwertyjjj]

Are credit files wiped clean after 6 years?

I believe I may have an outstanding debt with a mobile phone company but haven't received any letters from them and I have moved address, I haven't checked my credit file either.

 

If debt is wiped after 6 years, then isn't it possible to just take a loan and never pay it back?

[renegotiation]

Are credit files wiped clean after 6 years?

I believe I may have an outstanding debt with a mobile phone company but haven't received any letters from them and I have moved address, I haven't checked my credit file either.

 

If debt is wiped after 6 years, then isn't it possible to just take a loan and never pay it back?

 

If you want another 6 years of stress, hell and hassle that in no way compensates for the loan you have taken, then yes. However, as you have stated these intentions, it would be a criminal act. I wouldn't recommend such actions for both of these reasons. I wouldn't dream of getting credit I couldn't afford to pay back on time, let alone intend not to pay back, for any reason. Don't do it.

[ozzywizard]

This does not apply to a debt with a CCJ and if you miss payments on purpose with no justified reason then they will apply and most probably will get one.

[qwertyjjj]

If you want another 6 years of stress, hell and hassle that in no way compensates for the loan you have taken, then yes. However, as you have stated these intentions, it would be a criminal act. I wouldn't recommend such actions for both of these reasons. I wouldn't dream of getting credit I couldn't afford to pay back on time, let alone intend not to pay back, for any reason. Don't do it.

 

I'm just saying that a lot of people do it and then skip the country.

I didn't state anything above

I have no need for aloan anyway, it was an interesting argument I was discussing yesterday.

[Guest wino]

If a debt has not been acknowleged for 6 years then it becomes statute barred. Debts do not show up on credit checks after 6 years. So in theory yes you can take out a loan and then scarper.

 

Be warned however: If you apply for a job in finance or something that requires you to have a credit check older debts can show as a few caggers on here have found.

 

Can I just add that cag does not condone or entice debt avoidence.

I know your question was theoretical:)

[qwertyjjj]

If a debt has not been acknowleged for 6 years then it becomes statute barred. Debts do not show up on credit checks after 6 years. So in theory yes you can take out a loan and then scarper.

 

Be warned however: If you apply for a job in finance or something that requires you to have a credit check older debts can show as a few caggers on here have found.

 

Can I just add that cag does not condone or entice debt avoidence.

 

I know your question was theoretical:)

 

Something must be wrong in the credit file system though if it's supposed to be clean after 6 years yet old debts/CCJs are showing up?

[Guest wino]

I did not know anything showed up after 6 years but apparently it can when you apply for a job in banking, finance.

 

Don't ask me how cos I don't know.

 

It is that some caggers have posted on here that they couldn't get a job because of old defaults etc 10 years ago.

 

It must be similar to a criminal record. When an employer does a CRB check it shows up X amount of years but an enhanced CRB check shows a longer period.

 

It's all very confusing:confused:

[qwertyjjj]

If you want another 6 years of stress, hell and hassle that in no way compensates for the loan you have taken, then yes. However, as you have stated these intentions, it would be a criminal act. I wouldn't recommend such actions for both of these reasons. I wouldn't dream of getting credit I couldn't afford to pay back on time, let alone intend not to pay back, for any reason. Don't do it.

 

On a philosophical note, it is ironic that the banks charging you for the service of loans are actually lending out money created electronically that they don't have something a lot of people don't consider. It is one of the best legal scams I have ever heard of

This is a US example but the same applies for UK banks...

http://moneyterms.co.uk/reserve-requirement/

 

Anyway, thanks for feedback.

Edited February 4, 2010 by qwertyjjj

[renegotiation]

On a philosophical note, it is ironic that the banks charging you for the service of loans are actually lending out money created electronically that they don't have something a lot of people don't consider. It is one of the best legal scams I have ever heard of

This is a US example but the same applies for UK banks...

Reserve requirement

 

Anyway, thanks for feedback.

 

The biggest [problem] is Central Banks being private.

[banker_rhymes_with]

Hello renegotiation!

 

The biggest [problem] is Central Banks being private.

Absolutely.

 

It's a great shame that few people even know what a Central Bank is.

 

It's a complete tragedy that fewer still appreciate how utterly rotten and evil they really are.

 

Cheers,

BRW

[renegotiation]

Hello renegotiation!

 

Absolutely.

 

It's a great shame that few people even know what a Central Bank is.

 

It's a complete tragedy that fewer still appreciate how utterly rotten and evil they really are.

 

Cheers,

BRW

 

Don't give up mate, as the awakening is growing. Albeit slowly...

[banker_rhymes_with]

Hello renegotiation!

 

Don't give up mate, as the awakening is growing. Albeit slowly...

Too slowly, sadly!

 

Those who are aware must work even harder to open more eyes to the issue.

 

Now is the time! Never have so many been so fed up with bankers...and yet while we all suffer, they are back to making obscene profits again, and are licking their chubby lips at the prospect of Hoovering up all the assets (at bargain prices) of those who will go bust and/or who will lose their homes in this latest engineered downturn.

 

The worst of this has yet to start...2010 looks set to be a bumper year for the banks. They are awash with number-money, they have a big rubber stamp from the Judiciary, they have Political backing from their mates in Government and the Consumer Credit Act has been de-fanged and emasculated.

 

The banking Asset-Grab Gold Rush will get going soon, and they won't stop until they have gorged themselves on peoples' misery.

 

Cheers,

BRW