Author Topic: 6 year debts  (Read 28302 times)

oneam

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6 year debts
« on: Dec 07, 2016, 03:12:49 AM »
If a debt was defaulted at least 6 years ago does the debt disappear, no longer exists?

Even if I've been paying the DCA a minimum monthly repayment since the default?

If so how do I improve your credit rating?

Lisa Thomas

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Re: 6 year debts
« Reply #1 on: Dec 07, 2016, 10:20:15 AM »
The default should drop off automatically after 6 years but the debt is still outstanding if you have not gone through a formal insolvency procedure.
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oneam

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Re: 6 year debts
« Reply #2 on: Dec 07, 2016, 12:39:27 PM »
Thanks Lisa

So it's no longer on my credit report but legally it can't be ignored as still exists?
Therefore, the DCA can still chase me for it and it still HAS to be paid off?

Does it still exist regards a mortgage?

Insolvency being bankruptcy or iva or?

If the above is correct presumably insolvency will change this status by showing on my rating for the next 5 years.

I suppose the simple question is what is my best option now?

Do I continue to pay the DCAs until I can hopefully improve my situation with the intention of settling (been in debt a long time now). If so do I go down the SAR, PPI route as well?

Or?

Had my head in the sand for a long time, your advice is very much appreciated.



oneam

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Re: 6 year debts
« Reply #3 on: Dec 07, 2016, 01:31:34 PM »
further info;

I am currently paying minimum monthly payments to 2 DCAs (4 debts).

However, I've Just checked my credit report via Experian. It comes up as fair, and only shows that I have one debt, the one that defaulted in 2013. So is this what mortgages will see?

Lisa Thomas

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Re: 6 year debts
« Reply #4 on: Dec 08, 2016, 09:26:14 AM »
Can you clarify what you mean by DCA please?
www.Nevilleco.co.uk 01752 786800

oneam

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Re: 6 year debts
« Reply #5 on: Dec 08, 2016, 10:17:14 AM »
debt collection agencies

Lisa Thomas

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Re: 6 year debts
« Reply #6 on: Dec 08, 2016, 10:25:13 AM »
Your debts remain outstanding, regardless that you are making payments to DCAs so yes the debts will need to be paid unless you decide to enter a formal insolvency procedure such as Bankruptcy, an IVA or a Debt relief Order. 


You could consider an informal plan like a Debt Management pLan but they are not legally binding, the balance usually has to be paid in full and you're already doing something similar with your creditors anyway.


I'm not sure what you mean by 'does it still exist as regards a mortgage'?


If you enter a formal insolvency procedure it will stay on your record for 6 years from the start date.


I can't advise you as to what your best option is over a forum as I do not have enough information about your whole financial picture.


I'm not sure what you mean about 'going down the SAR,PPI route'?











www.Nevilleco.co.uk 01752 786800

oneam

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Re: 6 year debts
« Reply #7 on: Dec 08, 2016, 11:01:07 AM »
'does it still exist regards a mortgage', do mortgage lenders see what I see on my credit reports and not the over 6 year debts that have dropped off.

After a lot of research I believe I have answered the above.

I've had my head in the sand but I also know the debts are mine, I created them, no one to blame. Therefore, I presume the only real way out is to clear the debts.

Will sending an SAR to the original lender and a CCA to the DCA be useful. To get original contracts, correspondence records, the DCAs proof of ownership of the debt, exactly what I owe and have paid.

Lisa Thomas

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Re: 6 year debts
« Reply #8 on: Dec 08, 2016, 04:07:06 PM »
I can only see it would be useful to you if you are disputing the balance.
www.Nevilleco.co.uk 01752 786800

bilko

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Re: 6 year debts how do I post on this forum
« Reply #9 on: Jan 13, 2017, 01:41:36 PM »
Thanks Lisa

So it's no longer on my credit report but legally it can't be ignored as still exists?
Therefore, the DCA can still chase me for it and it still HAS to be paid off?

Does it still exist regards a mortgage?

Insolvency being bankruptcy or iva or?

If the above is correct presumably insolvency will change this status by showing on my rating for the next 5 years.

I suppose the simple question is what is my best option now?

Do I continue to pay the DCAs until I can hopefully improve my situation with the intention of settling (been in debt a long time now). If so do I go down the SAR, PPI route as well?

Or?

Had my head in the sand for a long time, your advice is very much appreciated.

Lisa Thomas

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Re: 6 year debts
« Reply #10 on: Jan 13, 2017, 02:36:38 PM »
You're welcome - best of luck with whatever process you decide upon.
www.Nevilleco.co.uk 01752 786800

sharon75

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Re: 6 year debts
« Reply #11 on: Jan 26, 2017, 04:00:15 PM »
Anyone interested in remortgaging or a secured loan feel free to call wendy on 07555995824