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Question about 6 years on credit files


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Hi all

 

Can I please ask a question about the CRA files? I know that info is only held on there for 6 years but is this 6 years from the date of the default? Say for example I default in 05, pay a settlement in 2010. The debt would have fallen off in 2011 after 6 years following the default but if I settle in 2010 would this reset it so it won't fall off until 2016?

 

I ask as I am being chased for an old debt from 2005. It is for £500 and I had forgotten about it. I was going to offer a settlement but I know this won't look good on my file but if it will fall off in less than a year anyway it won't be so bad will it?

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Once you make a payment or acknowledge a debt it is 6 years from that date. Therefore if you pay or acknowledge a debt defaulted in 2005 you will re-set the clock to 6 years from the date of your payment, ie if you make an offer in 2010 the clock will re=set to 2016.

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The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

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Once you make a payment or acknowledge a debt it is 6 years from that date. Therefore if you pay or acknowledge a debt defaulted in 2005 you will re-set the clock to 6 years from the date of your payment, ie if you make an offer in 2010 the clock will re=set to 2016.

 

Sorry HR, I think you are referring to Statute Barred rules

 

The default will fall off after 6 years (and yes the 6 years starts from the date of default). Making a payment does not affect that

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Silverfox I have been told that the PAYMENT DATE is the date that sets the Statute Barring clock ticking, NOT the Default date, the reason being that a default can be remided by payment and therefore a later default can be put on the file, plus a default date (at the moment) can change when a debt is sold on.

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Silverfox I have been told that the PAYMENT DATE is the date that sets the Statute Barring clock ticking, NOT the Default date, the reason being that a default can be remided by payment and therefore a later default can be put on the file, plus a default date (at the moment) can change when a debt is sold on.

 

I agree. The six year rule starts from the cause of action and any further payment restarts that clock.

 

If a default is remedied then it would be like the default never existed and further defaults could be placed should the debtor fail to pay.

 

Once a default is placed, it stays for 6 years then falls off. They cannot place another default once one is placed

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