Defaults and Statute Barred ?

[KingDiomedes]

Hi All

Im new to this and as my girlfriend have recently started looking in to getting a mortgage i am in desperate need of some help.

When i was alot younger i took out a loan with a bank to get a car and pay off my student over draft etc. The bank ended up talking me in to taking more, so much so i had to stop them going even higher. Whilst i was signing the forms and cutting up my old credit cards they talked me into getting a gold card with them. I told them I wasnt responible enough to have one as i had shown. Long story short i ended up getting a 15k loan at the age of 23.

5 years later after never missing a payment i get in to difficulty paying it back ie losing job, relationship breaking down and having to move back home with parents. First thing i did was to tell the bank and asked them if i could defer payment for a month or 2 to give me time to get a job. They declined, i went to a debt councellor who helped me with a budget to send them with what i can afford. They rejected it.. In the end i couldnt keep up with the huge costs they kept adding on and so i gave up (either that or having a nervous break down).

Anyways. 5 years later (current time) I apply for a mortgage and get refused so i check my file. I have a default from the original debtor in june 2008 which i knew about. However, in 2012 the 5th DCA to have bought the debt has put a default on my file every month from then up till this month.

My concern is that i was under the impression that the default should come off this year so i was shocked to see all these defaults starting 4 years after the original default? I havent spoken or aknowledged the debt with anyone other than with the bank and that was nearly 6 years ago. Since then i havent spoken/written to anyone. Im starting to really panic now that i will never get a mortgage and this will haunt me for many years.

SInce my original default i have turned my life around, have no debts, pay everything on time and in full so im worried i will never get rid of this hanging over me. Im now 32 and so scared il never be able to move on

[Nibbler]

Re: Defaults and Statute Barred ?

A D or 8 every month on a defaulted account are NOT new defaults. They are simply account status updates on the original default.

There should be a default date = dd/mm/yyyy which is the original default date. The account and default drops off 6 years from that. Subsequent Ds or 8s don't change that fact.

Now if the DCA has altered the original default date to something more recent than it should be that is another matter, and is not allowed. But it's not clear from your posts whether that is the case or not.

[KingDiomedes]

Re: Defaults and Statute Barred ?

Hi and thank you so much for replying. From what you have said i re checked my file and i think your right. On the left it still states that the default date is 23 june 2008. It was just when i saw all the defaults i wrongly presumed that they were new defaults. Thank you so much for putting my mind at rest. Below is a screenshot of all the black defaults

[Nibbler]

Re: Defaults and Statute Barred ?

Hi and thank you so much for replying. From what you have said i re checked my file and i think your right. On the left it still states that the default date is 23 june 2008. It was just when i saw all the defaults i wrongly presumed that they were new defaults. Thank you so much for putting my mind at rest. Below is a screenshot of all the black defaults

No probs.

In that case the original default, the newer status updates, and in fact every single trace of that account will disappear from your credit reports this June.

[KingDiomedes]

Re: Defaults and Statute Barred ?

I am SO happy to hear that, i have been so worried about it for so long now. Once that default comes off my credit score will shoot right up as that is the only thing that is holding me down. Do you think they will try and take me to court before june? I updated my credit file will that flag up to them? The reason i ask that is that i hadnt heard from anyone for a few years and tbh i had forgotten about it until i signed up to a CRA and not long after i started to recieve the silly idol threat letters from the DRA's.

Thanks so much again for replying i can start looking for houses again soon