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Moradin

Advice from Ind. Financial Advisor. correct?

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Went to see an IFA today.. and recieved some information which, i think , conflicts with what i've read on here.. (might be me making the mistake).

 

He has said, that debts owed, are not wiped from your credit file, until 6 years, after satisfaction..

 

ie: they stay there.. and if you want a mortgage or something, they would still be considered, even after the 6 years.

 

My CC;s are on 4 years. and i will need to change my mortage in the short.mid term.

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are they defaulted?

 

 

dx


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then they will vanish on the defaults 6th birthday

never to harm you further if you don't disclose them


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Is this an ICO rule.. ?

 

He seemed certain that it was a ''common misconception' that everything dissapears after 6 years....

 

https://www.nationaldebtline.org/EW/factsheets/Pages/25%20EW%20Time%20limits%20for%20recovering%20debts/Default.aspx?gclid=Cj0KEQjwoM63BRDK_bf4_MeV3ZEBEiQAuQWqkR13f1yo8LIQmCTmWbucE0mKWU-ljs15Q2ZCZY8tY1UaAlUl8P8HAQ#

 

What does ‘statute-barred’ mean?

 

icon_fact.jpgSee our fact sheet:

 

Credit reference agencies and credit reports.

 

 

If a debt is barred under statute, it means that by law (the Limitation Act), the lender has run out of time to use certain types of action to try and make you pay the debt.

Statute-barred does not mean the debt no longer exists. In some circumstances, the creditor, or a debt collection agency, can still try and recover money from you. You can choose to pay if you wish. Even if the debt is statute-barred, it may still be on your credit reference file. This may make it harder for you to get further credit.

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its nothing to do with statute barring.....

 

if your debts are defaulted...

 

this is what the ICO says:

 

All references to a defaulted debt must be removed from your credit files after 6 years

has passed from date of default, whether paid off or not.

.

{the WHOLE ACCOUNT WILL VANISH, never to return}.

.

{however, this does not mean the debt itself is not still owed

consider a CCA request.}

.

This is so that someone who continues paying something

- even after 6 years from default

- should not be at a disadvantage to someone who pays nothing after default

and ends up with a clean file after 6 years.

.

NOTE: {the bracketed text is not ICO guideline but my advise]

...

 

and ofcourse if you don't show old copies

they wont show

you say nowt


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

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Single Premium PPI Q&A Read Here

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Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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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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