What happens after a default is removed?

[knoxvillain]

Hi there,

 

I have a single default on my file. It is due to expire in Sept as it was recorded in Sept 2006. I paid the amount due off in 2007 and the account was settled. What happens when the default marker is removed? Is the account removed from my file or does it remain and revert back to the last set of payment markers and the the account is removed 6 years after it was settled?thanks,

 

Knox

[247orbital]

It will drop off your file in 2013 six years after the last payment.

[maroondevo52]

What happens when the default marker is removed.

 

Knox

 

You run up and down your street shouting yahoo!!!

 

Should drop off this year 6 years after the default date.

[knoxvillain]

I certainly will be shouting yahoo and running up and down.

 

So just to clarify what will happen:

 

a) default and the whole account will drop off this Sept

 

or

 

b) only default will drop off in Sept, revert back to missed payment markers and account will drop of 6 years after settled?

[BRIGADIER2JCS]

:madgrin:Defaults are removed after 6 years paid or not

they cannot be registered, restarted, of replaced

on CRA files re this they are gone for ever

[knoxvillain]

what I am getting at here is will there be no trace of the account on my file at all (ie the account, the payment markers, the default) all gone, or will just the default marker removed?

[BRIGADIER2JCS]

what I am getting at here is will there be no trace of the account on my file at all (ie the account, the payment markers, the default) all gone, or will just the default marker removed?

 

As said defaults are removed after 6 years paid or not so the whole entry is removed.

[stuggling]

i had 2 accounts just disappear from my credit report after 6yrs no trace of them on there been looking for them but gone

[BRIGADIER2JCS]

It is no mystery read the headings on your credit files

 

Defaults are removed after 6 years paid or not standard

procedure not a miracle.

[knoxvillain]

I know the default would be removed but the key bit I wanted to hear was " so the whole entry is removed.". Thanks

[boogiemaster]

Yes the whole thing is deleted

[knoxvillain]

Excellent, thats what I wanted to hear.

 

On a loan I had a default which I was able to get removed because they didn't issue a Notice of Default. This has put it back to the payment markers which shows 5 missed payments in a row. This was settled in 2007 so will drop of next year. Will lenders be bothered by late payment markers that are over 5 years old?

[BRIGADIER2JCS]

Hi there are a few simple but important

matters that should be remembered in

regards to getting credit.

1. Your electoral roll status...... very important

2. Length of residence at same address ....very important

3.Credit history, defaults, late payment .....important, but this does lessen with time.

4. The number of credit applications leading to searches on CRA files Exceedingly important

more than 2 in a year will lessen the chance of acceptance by some lenders any more

that 3-4 in a year or multiple apps will lead to rejection.

5.Income status, always ensure you do not over estimate your potential income.... important.

6. ''The Mystical'' Credit score...........not vey impotrtant at all, as ALL potential lenders have

UNIQUE in house credit worthiness rating systems, which are used in conjunction with the CRA

files, of course public information CCJ's, CIFAS and gone away markers are important.

An indsividual may be accepted by one lender and rejected by others IT IS NOT ALWAYS

BECAUSE OF CRA FILES BY ANY MEANS>

[Optimo1888]

Point number 4 above about searches is incorrect:The reason for searching your Credit Report determines whether or not the Search affects your Credit Score and Credit Rating.Generally, only Searches which relate to actual credit applications are used in Credit Scoring. When shopping around for credit and when getting quotations, the prospective lender will make an Enquiry rather than a Search. Enquiries do not affect your Credit Score - they are recorded simply as an audit footprint so that you can see who (or what type of lender) has been searching your Credit Report.It's a myth that a large number of Searches can stop you getting credit. Certainly, many Searches done in a short space of time - say within an hour or so - can be a strong indicator of fraud. Around 8-12 Searches undertaken over the course of a year are quite normal and are expected to be seen. If you have no Searches at all on your Credit Report, this may affect your Credit Score adversely, as it implies that you may not have much experience of credit generally.Searches also have quite a small impact on your Credit Score. Even if the myth was true, by itself, the number of searches on your Credit Report can only vary your Credit Score by a relatively small amount.Each Credit Reference Agency retains Searches for different lengths of time. Typically Callcredit and Equifax retain Searches for 2 years. Experian retains Searches for 1 year.

[BRIGADIER2JCS]

Hello optimo1888,

Are you employed by one of the CRAs

if so please declare your interest, it strikes

me as odd that your one and only post

is to correct an existing post.

Company reps are welcome here but must

contact admin for approval.

[Optimo1888]

Hello optimo1888,

Are you employed by one of the CRAs

if so please declare your interest, it strikes

me as odd that your one and only post

is to correct an existing post.

Company reps are welcome here but must

contact admin for approval.

 

No I'm not affiliated in any way at all with any cra. Legal adviser on consumer matters of 9 years.

[BRIGADIER2JCS]

No I'm not affiliated in any way at all with any cra. Legal adviser on consumer matters of 9 years.

Fine we look forward to your input.

[rspysp]

i am wondering if you could please help me i have a company chaseing me for a debt from 2005 which i owed abbey national but has since been sold...am i still liable for this debt and secondleythey say they have a record of my credit file what does this mean?...i would really appreciate any help i have just got my life in order after years of turmoil and now iam getting letters for debt i thought was staure barred...please help desprate!

[BRIGADIER2JCS]

Hi welcome to Cag,

 

You need to get a copy of your credit files to

check on the status of this debt.

Who is writting to you?

A statute barred debt can still be chased for

payment until the debtor has informed the

creditor that the debt is statute barred and

that they will not be paying.

[rspysp]

Hi welcome to Cag,

 

You need to get a copy of your credit files to

check on the status of this debt.

Who is writting to you?

A statute barred debt can still be chased for

payment until the debtor has informed the

creditor that the debt is statute barred and

that they will not be paying.

thanks so much for replying....a company who bought the debt are writing to me....have had so many letters but never replied......and how do get hold of my credit files and how much does this cost?....thanks again for your reply

[BRIGADIER2JCS]

thanks so much for replying....a company who bought the debt are writing to me....have had so many letters but never replied......and how do get hold of my credit files and how much does this cost?....thanks again for your reply

 

Equifax and Experian-(credit expert as on tv)

both have 30 day free trials online.

Who has bought the debt??

In any correspondence with a company

in reference to a poss stat barred debt

ALWAYS use the heading I DO NOT ACKNOWLEDGE

ANY DEBT TO YOU OR ANY COMPANY YOU MAY

CLAIM TO REPRESENT>

[rspysp]

Equifax and Experian-(credit expert as on tv)

both have 30 day free trials online.

Who has bought the debt??

In any correspondence with a company

in reference to a poss stat barred debt

ALWAYS use the heading I DO NOT ACKNOWLEDGE

ANY DEBT TO YOU OR ANY COMPANY YOU MAY

CLAIM TO REPRESENT>

hi thanks for the reply...ive got my credit rateing but it does not show if my debt is stat barred or not ...in fact there is no mention of it what so ever.....and a company called lowell portofolio wrote to me concernibg this debt and they are the same people who checked my credit rateing....many thanks....worried!

[BRIGADIER2JCS]

Hi, look at the default date which can be up to

6 months after ''the cause of action'' ie the last

payment after which no payment or acknowledgment

of the debt in writtig. )may show as date last deliquent)

Or do you mean there is no entry at all there??

If so I would say that this is SB.

[rspysp]

Hi, look at the default date which can be up to

6 months after ''the cause of action'' ie the last

payment after which no payment or acknowledgment

of the debt in writtig. )may show as date last deliquent)

Or do you mean there is no entry at all there??

If so I would say that this is SB.

thanks for the reply.....and no there is no mention of it on my credit rate at all......is there any way i could find out if this debt is sb for sure?...many thanks for your help so far

[BRIGADIER2JCS]

The possibility that it is stat barred is high, but I would not

like you to fall into the trap and find out it's not.

Have you used the CRAs before and archived old reports?

Or have you ant recollection of the last payment or written

acknowledgment?

After this the only path is a Subject Access request to the

original creditor, this has a statutory fee of £10 payable and

would provide all the information held on you and the account.

The creditor has 40 days to reply.

Or if you are certain that the debt is SB send the following.

 

Dear Sir or Madam,

 

I do not acknowledge any debt to you or ant company

you may claim to represent.

 

I write in regard to your correspondence in regard to

to a debt to xxxxxx which you allege is owed by me,

please take note from advice received and my personal

research I have concluded that ant such debt is STATUTE

BARRED, and I therefore state that I will not now or in the

future make any payment or offer of payment.

Therefore please cease to process all data relating to me.

I would remind you of OFT Guidance 2011 on the point

of selling or assigning statute barred debt without informing

the prospective purchaser of the status of the debt.