CitizenB, thank you for all the help and support you provided back in 2010 when I fell foul of MBNA's foulness! Bizarre that I read your news 6 years to the day the (illegal) MBNA default came off my credit record!! Lol! Hope to see you around the board when things calm down a little for you. All the best, CM x

Luckily there's none of those :@)

Yes indeed, am paying off monthly via Tomlin Order. I'll get there in the end! Thanks DX.

So it's only the settled debts that disappear on the sixth anniversary of full payment, and the satisfied debts will disappear on the default anniversary rather than the date that the debt was sold on? Oh, happy days!

Thanks DX - good news about the closed accounts! The satisfied debts relate to debts sold on by MBNA. The new owner of the debts appears in my open section with the original default date of 31 March 2010 so those presumably will disappear on 31 March 2016?

Hello again, Sorry to resurrect this thread but I have one more question. I am close to all my defaults dropping off my credit file after the 6 year period. However, if I look at the "closed account" section it shows two debts which were sold on and marked as "satisfied" on 30 June 2012. If you click on both of these it shows the default and the original amount outstanding at the time of default. Is it correct that these will not disappear off my closed account section until 30 June 2018? Will this have any impact on my credit approval once the defaults on my "open accounts" have vanished? Any thoughts gratefully received. All the best, Chipmeister

Please can you scan and post the document as it's too small to read properly :@)

Once bitten, twice shy!

Thanks Brig, that's why I've got the low limit AMEX card, buy petrol in October, pay in full in November. As petrol is part of my monthly budget I've always got the funds to pay in full, and hopefully, along with my mortgage payments which have always been in good standing, this will help in rebuilding my credit file.

And thanks ims21 - our posts crossed.

Ah, the new mortgage application guidance, yes, I know about that. Luckily I've got a pretty good deal on my mortgage at the moment but with interest rates due to start rising at some point next year it would be nice to have the option to shop around. Cheers dx.

That's interesting! To which new 'guidance' do you refer?

One more question, just out of interest please. Once those defaults are gone my Credit Report will be left with my mobile contract, my bank account, a low limit AMEX credit card (which I use to buy petrol and pay off in full each month), utilities and the mortgage, all of which are in good standing. According to Noddle who rate 1 to 5, I am currently a 1, being the worst credit risk. When those defaults are gone how long will it take for my rating to rise? Will I ever be a 5 again?!

Good to know - thank you all :@)

Cheers DX :@)

Thanks DX. I appreicate your comment re the debt disappearing after the 6 years, but once it is paid in full (which would be 9 months after the default's 6th birthday) would it be reinstated on my credit record to show full payment?

Thanks CB. That is re-assuring - and interesting. I have an agreement to pay in this instance and I can see the balance outstanding decrease each month, but I felt that it was somewhat unfair that the agreement isn't shown on the Credit Report and each month passes by with an added DF. That said, I am clearly better off than those who do have their agreement reflected which really is unfair. Many thanks again for coming to my aid! All the best, Chipmeister

CB, Andy, thanks as ever for your help! All the best, Chipmeister

Thanks CB!

Hello again, I currently have a debt in place which is being dealt with via a Tomlin Order. The debt was originally with a credit card company and the Tomlin Order instructs me to make monthly payments to their solicitors. The debt has since been sold on but my monthly payments are still made to the credit card company’s solicitors (who also act for the debt purchaser) in accordance with the Tomlin Order. I can see the balance outstanding decreasing each month on my credit report. Every now and again the solicitors will contact me to advise that the debt purchaser wants to conclude the matter and offer me a settlement figure. Each time I remind them that the Tomlin Order is in place and to beggar off. I am now potentially in a position to pay the debt off in full but from my research into case law I have discovered that a Tomlin Order can't be varied unless one of the terms within it expressly states that it may. If that doesn't exist (and it doesn't in mine) then the court can only concern themselves with what the order actually states. The order was agreed in my local court and it seems clear that a variation cannot be proposed. Is there any way I can apply to the court to end the Tomlin Order and replace it with a new agreement on the basis that I am in a position to pay the full amount due and request that my credit record be updated accordingly? If so, would all the original parties have be contacted as well as the new owner of the debt? Chances are the purchasers aren’t even aware the debt has a Tomlin Order attached to it as the solicitors seem to forget on a regular basis, and they’re the people who drew it up. If no application can be made to effectively cancel the original order and replace it, presumably I’ll just have to suck it up for next four years which I would happily have done had I not suddenly found myself in a position to clear the debt. On this basis, when all agreed payments have been made will my local court be notified that all aspects of the Tomlin Order have been complied with? If so, who is responsible for notifying them, the solicitors or me? Or does the order simply complete and the court assumes that terms have been complied with as no one has re-activated the case? Many thanks for any insights provided! All the best, Chipmeister

Afternoon all, I still have 2 defaults showing on my credit reports, the other 2 have dropped off having passed the 6 years. I still continue to service these debts and three out of four have been sold on with my knowledge. One of the debts that was sold on is now marked as settled as presumably the purchaser of the debt made the necessary arrangement to settle it in full (or most likely buy it for peanuts). This debt appears in the settled section of my credit report with a nil balance, and shows the default date of 31 March 2010. Had the debt not been sold I would have expected it to vanish from my active record after 31 March 2016 but presumably now it will sit on my settled record for a further 6 years from the date of the settlement by the purchaser. The purchasers of this debt now have it on my current active record under their name, but with identical details (other than their references), including the balance that would have been due had they not purchased the debt and the same default date of 31 March 2010. No other date (i.e. the date they purchased it) shows on the credit report. I have an arrangement to pay this debt off in place but 31 March 2016 will come round and I will still have 9 further installments to pay to clear the debt completely. Firstly, will the purchased debt still be erased from my current active credit record on 31 March 2016? Secondly, when I finally pay it all off after the 6 years will the record be re-instated to show that settlement has been made of the full amount, meaning that effectively, although I've paid the debt off in full the rotten thing will still be staring me in the face for another 6 years? This concerns me as even though the debt would show as paid potential viewers of my record would still see the initial default on the main part of my record. Not, I hasten to add, that I am in a hurry to ever obtain credit again, but there's a principle here. I really hope this makes sense and isn't too wittery. Any thoughts gratefully received! All the best, Chipmeister

This is nothing to do with the liquidator - the liquidator can only work with the information he is given by the directors before he is appointed. Once he is appointed he then has the authority to take possession of the company's books and records, whatever they may be, or indeed if there are any. You'd be surprised! :@oAs for the list of creditors, there are probably so many that the directors lost track and a full list may very well not exist but this is not the fault of the liquidator. The liquidator is the person who will be carrying out the investigations, he was instructed by the directors but now he is appointed his job is to work for the creditors. Please try and stay focused on that point and try and form a liquidation committee as soon as you have the requisite 3 to 5 people willing to act.Hope this is of help.All the best,CM

The directors are obliged to provide the proposed liquidators with details of all known creditors, ie all creditors known to them, so if a creditor hasn't had a letter it's because the directors haven't provided that information. Or because that creditor isn't known to them. Hope that helps. All the best, CM

Hello,It's not a litigation hearing on Monday, but a meeting to place the company into liquidation.All the best,CM

I don't know the name of the name of the guy you are looking for and I'm not sure if it's prudent to post it on this thread. However, you can see from Companies House that Yemonia Limited has had more directorship changes in the last 18 months than most people have had hot dinners!! You will also note from Companies House that it has had 2 company name changes. But do not fear, the appointed liquidator not only investigates the current directors (who have only been in office since 31 October 2013) but any person who has been a director in the three years prior to the liquidation, so in a nutshell, any director who was in office from 13 January 2011 to 12 January 2014. I bring this up as it is likely the director who turns up for the meeting Monday may not know anything about the company's trading practices and even if he does, may plead ingnorance as he's only officially been in office as director since 31 October 2013. Also, only one director is required to represent the company at the liquidation meeting so it may not even be the guy you are after :@(All the best,CM