When will information drop off credit report? Please help!

[doogievx]

I have a default that is nearly 6 years old and just wondered whether If I started to repay the debt back monthly now - would it still drop off my credit report six years after the date of first default or will it stay on until the debt is cleared? Or will it show as some sort of debt collection account until repaid? Thank you

[nemesis45]

Re: When will information drop off credit report? Please help!

Hi welcome to LB.

All defaulted account entries on credit files are removed on the 6th anniversary of the default Paid or Not.
Starting to attempt making payments now would be unwise.
This does not automatically mean the debt is statute barred and payment or acknowledgment in the 6 year period will have restarted the clock.

nem

[doogievx]

Re: When will information drop off credit report? Please help!

Hi welcome to LB.

All defaulted account entries on credit files are removed on the 6th anniversary of the default Paid or Not.
Starting to attempt making payments now would be unwise.
This does not automatically mean the debt is statute barred and payment or acknowledgment in the 6 year period will have restarted the clock.

nem

Thank you for your response. Unfortunately they have me in a corner as I have today received a letter giving me 14 days to repay the full amount or to enter a monthly payment plan, failure to do so will result in court proceedings. Whilst I would obviously prefer to continue ignoring it and become statue barred, my number one priority is to avoid a CCJ or further negative information being placed on my credit file.

[basa48]

Re: When will information drop off credit report? Please help!

Thank you for your response. Unfortunately they have me in a corner as I have today received a letter giving me 14 days to repay the full amount or to enter a monthly payment plan, failure to do so will result in court proceedings. Whilst I would obviously prefer to continue ignoring it and become statue barred, my number one priority is to avoid a CCJ or further negative information being placed on my credit file.

Ignoring ANY Default Notices or defaults recorded on credit reference agency files when did you last acknowledge the debt in writing or make any payment to the account?

[doogievx]

Re: When will information drop off credit report? Please help!

Ignoring ANY Default Notices or defaults recorded on credit reference agency files when did you last acknowledge the debt in writing or make any payment to the account?

It was a current account debt with a mixture of an authorised and un-authorised overdraft, i've been told that current accounts can be a little more difficult to defend? If the default was in June 2009 then I would say that the last payment into the account would have been in Feb/March 2009 but I don't know for sure. If I knew it was 100% statue barred then I wouldn't even contemplate paying it to these parasites but due to this recent court threat and the fact that I really cant afford to have a CCJ affecting me for a further 6 years I am contemplating taking the safest option of just paying something like £50 a month.

I haven't spoken, written or admitted to any of the debt since it was incurred.

[ostell]

Re: When will information drop off credit report? Please help!

If you have the funds to pay the alleged debt then you may wish to push it to the line. If it does go to court AND you lose but pay within 28(?) days then the CCJ will not be recorded against you.

You may care to respond to your creditors stating that the debt is statute barred. It may well be that the default was reported some time after the actual default. It is up to the creditor to show that it is not statute barred.

[doogievx]

Re: When will information drop off credit report? Please help!

If you have the funds to pay the alleged debt then you may wish to push it to the line. If it does go to court AND you lose but pay within 28(?) days then the CCJ will not be recorded against you.

You may care to respond to your creditors stating that the debt is statute barred. It may well be that the default was reported some time after the actual default. It is up to the creditor to show that it is not statute barred.

Thanks, thats the problem I don't have the funds available to pay the full amount within the 28 days so if I were to lose then i'd be in trouble. I really need to be sure that after setting up a monthly payment plan my credit file would still be clean after the 6 years since default has passed. I was just worried that the defaulted account would revert to some form of collection account.

[MissFM]

Re: When will information drop off credit report? Please help!

The 6 years for SB would run from the Cause of Action, which would be when the bank made a formal demand for repayment and withdrew the facility, which might not marry with the default date.

Who is making the court threat and would it be possible to post it here with your personal details redacted?

Lots of experts on LB who would then give you the best advice

[basa48]

Re: When will information drop off credit report? Please help!

I could well be wrong, but I believe with current accounts and/or overdrafts the 'cause of action' which starts the SB clock ticking would be when the bank first demanded repayment of outstanding sums.

Or as MissFM said :tinysmile_twink_t2:

(Sorry my post was being prepared just as MissFM posted)

[MissFM]

Re: When will information drop off credit report? Please help!

I could well be wrong, but I believe with current accounts and/or overdrafts the 'cause of action' which starts the SB clock ticking would be when the bank first demanded repayment of outstanding sums.

Or as MissFM said :tinysmile_twink_t2:

(Sorry my post was being prepared just as MissFM posted)

Was just about to say the same Basa :tinysmile_twink_t2: (only the other way round) x

[doogievx]

Re: When will information drop off credit report? Please help!

Thanks again for looking into this for me, here's a copy of the letter.

[MissFM]

Re: When will information drop off credit report? Please help!

Right - hang on in there Dougie, as I think they're a debt collection agency and that's a standard threat letter. There are experts on here who know the individual MO's of these outfits inside and out and who can advise you on your best options.

If you can find, or remember, the date of the C of A and consequently believe it to be statute barred, then send the SB letter.

Otherwise do be a little patient (it's a little quiet here at the mo due to approaching hols) and you will get the best help and support known to man :tinysmile_twink_t2: x

[FlamingParrot]

Re: When will information drop off credit report? Please help!

I have a default that is nearly 6 years old and just wondered whether If I started to repay the debt back monthly now - would it still drop off my credit report six years after the date of first default or will it stay on until the debt is cleared? Or will it show as some sort of debt collection account until repaid? Thank you

Yes, it would, regardless of whether you pay anything or nothing at all. :thumb:

It was a current account debt with a mixture of an authorised and un-authorised overdraft, i've been told that current accounts can be a little more difficult to defend?

That's often the case, because you can't use either non-compliance with a CCA request or failings with the agreement itself as you can with credit cards and loans.

If the default was in June 2009 then I would say that the last payment into the account would have been in Feb/March 2009 but I don't know for sure. If I knew it was 100% statue barred then I wouldn't even contemplate paying it to these parasites but due to this recent court threat and the fact that I really cant afford to have a CCJ affecting me for a further 6 years I am contemplating taking the safest option of just paying something like £50 a month.

I haven't spoken, written or admitted to any of the debt since it was incurred.

The 6 years for SB would run from the Cause of Action, which would be when the bank made a formal demand for repayment and withdrew the facility, which might not marry with the default date.

I could well be wrong, but I believe with current accounts and/or overdrafts the 'cause of action' which starts the SB clock ticking would be when the bank first demanded repayment of outstanding sums.

Right - hang on in there Dougie, as I think they're a debt collection agency and that's a standard threat letter. There are experts on here who know the individual MO's of these outfits inside and out and who can advise you on your best options.

If you can find, or remember, the date of the C of A and consequently believe it to be statute barred, then send the SB letter.

As MissFM and Basa have both said, with current accounts the cause of action only starts to accrue when the bank recalls the overdraft, which can be months after you stop paying into the current account. Unlike cards and loans, there are no set payment dates for current accounts/overdrafts so the banks will often wait for several months before recalling, particularly for small amounts made up largely of charges. Having said that, MKDP probably wouldn't know when that took place. If you tell them the debt is statute barred, the onus would be on THEM to provide proof that it isn't, and they may not be able to do so.

[FlamingParrot]

Re: When will information drop off credit report? Please help!

Thanks, thats the problem I don't have the funds available to pay the full amount within the 28 days so if I were to lose then i'd be in trouble. I really need to be sure that after setting up a monthly payment plan my credit file would still be clean after the 6 years since default has passed. I was just worried that the defaulted account would revert to some form of collection account.

You are still a long way from 'losing' since no claim has been issued. If you tell them it's SBd they may well go away, especially if they are unable to obtain any documents to show otherwise. :thumb:

It was a current account debt with a mixture of an authorised and un-authorised overdraft, i've been told that current accounts can be a little more difficult to defend? If the default was in June 2009 then I would say that the last payment into the account would have been in Feb/March 2009 but I don't know for sure. If I knew it was 100% statue barred then I wouldn't even contemplate paying it to these parasites but due to this recent court threat and the fact that I really cant afford to have a CCJ affecting me for a further 6 years I am contemplating taking the safest option of just paying something like £50 a month.

I haven't spoken, written or admitted to any of the debt since it was incurred.

If this isn't yet SBd, making an offer of repayment would reset the clock. :scared: :scared: :scared: :clock:

If they were to take you to court and it didn't look like it was SBd (a lot of *IFs* here), you'd always have the option to make an offer of repayment at any stage, and if it came to that, you could always avoid a CCJ via a Tomlin order, which stays the proceedings as long as you keep to the terms of the order (the agreed repayments). If it was me I'd send the SBd letter and see what they come back with before going any further. :typing:

[nemesis45]

Re: When will information drop off credit report? Please help!

Ok, who has sent the letter and exactly when does this default drop off the files?
What type of account is this, when was the last payment made?

nem