Loan Default

[DebtTrodden]

Hi

 

I took a loan out for my parents, whose business was struggling back in 2000.

 

They defaulted on the payments. I had in the mean time lost my job through a failed job transfer and applied for loan cover which i had taken out. They said i was not eligible for it because i was still alive or something.

 

I couldnt afford the payments in 2001 myself and my parents refused to pay. The loan was defaulted and sent to collection in 2002. I have not heard anything from them since?

 

How long will they look for payment for and how long will this still on my file?

 

If its 6yrs wont it have been wiped fom my file now?

 

They also defaulted on their AOL payments under my name back in 1999. Will they still be looking for payment as well, same as the Credit history.

 

Im trying to sort my life ot andtese re hovering around me. I think ve managed to sort the rest out but could really do with some advice in regards to these.

 

DT

[sequenci]

take a look at this factsheet, if you have any other questions come back to us.

 

National Debtline England & Wales | Debt Advice | Factsheet 25 Liability For Debts And The Limitation Act

 

any defaults could stay on your credit file for 6 years.

[DebtTrodden]

The last time i went into the branch AFTER i had been defaulted was Approx FEB2003, and tried to work out payment back to them. I was then contacted by another collections department in Nov 2003.

 

Is it taken from the time i was first defaulted which was in 2002 which would mean that its been 6 yrs now.

 

Or

 

From FEB 2003 whochmeans i have 1 more year left

 

Or

 

Nov 2003 which means i have 18 months left?

 

I never once contacted them by writing to them about the debt.

 

The act didnt specify the above nor could i get through to there helpine

[poochball]

Hello,

 

If the default notice was served in say February 2002, it will remain on your credit file for Six years from the date of the default.

 

Therefore it would be deleted by February 2008, as that would be six years.

 

It would be currently 5 years one month in the above example.

 

Thanks

[gizmo111]

How long will they look for payment for and how long will this still on my file?

 

6 years after date of lasst payment or when ot was acknowledged by yourself in writing.

[DebtTrodden]

Brilliant

 

Thanks for all your help.

 

However, i cant remember when my last payment was! How would i find this out without opening the floodgates again>?

 

Would a credit agency hold these details? I was always a bit nervous in applying for my credit report as i felt it would cause me more trouble because they would ask for all my details>?