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Settled default

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My daughter has settled loans that were defaulted for three years. Please can someone confirm when these will be removed from her credit record? Six years from default or six years from settlement?

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Thank you. She is now dancing round the room!

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Yes six years from the default date paid or not, but this may NOT mean the debts are statute barred, which means there must have been no payment or written acknowledgmment in 6 clear years.

 

If the conditions above have been met then the debt is not enforceable in court, but exists and is still collectable.

 

The OFT guidance on Debt Collextion 2003/2012 states '' it is unfair to continue yo press for payment (of a SB debt) once the DEBTOR has informed the creditor in writting that the debt statute barred and they will not be paying''.

 

Once the defaults are removed one can then rebuild a new credit profile over a number of years possibly 3 or more, the removal of defaults does not automatically improve ''credit worthiness'' prospective lenders of all types increasingly look for 3-5 years good++ credit management.

 

Check credit reference files regularly.

Avoid making a lot of credit apps in a short period of time.


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Her debts have all been settled so she isn't worried about them being statute barred. She is now taking steps to improve her record so that by the time the settled defaults drop off, she will have three years of responsible behaviour showing.

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Well that's really good to hear, so many times I end up dealing with the same person in the same situation again and again, so the very bet of luck to her and may she be successful!!!


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check them for reclaiming too before they go!

 

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Thanks Brigadier. I'm proud of the way she's handled it all. I just wish I had the means to pay off mine.:sad:

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If we can help with advice please let us know!!!


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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i AM BEGINNING TO WANDER IF THE FINANCIAL INSTITUTIONS HAVE A SECRET REGISTER OF SOME SORT ?


I hate bailiffs. Let me know if you have had a problem with them. I am sure i could upset them.

I now have experience with Securitas Security Services (UK) Limited and won in court against them 01/2018

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