Help with old debt..
Discussion
Hello
Recently upon looking at my credit file I noticed a default for a mobile phone contact I never paid off. I have no problem paying the outstanding balance but I found out about getting the debt statute barred.
Its been over 6 years since the last payment/communication with said company.
Will I still be able to get it barred even though I telephoned them to discuss the debt? I have had no other communication apart from the 1 telephone call made today(before I read about getting it barred).
Will getting it barred clear the default on my credit file immediately?
Thanks
Recently upon looking at my credit file I noticed a default for a mobile phone contact I never paid off. I have no problem paying the outstanding balance but I found out about getting the debt statute barred.
Its been over 6 years since the last payment/communication with said company.
Will I still be able to get it barred even though I telephoned them to discuss the debt? I have had no other communication apart from the 1 telephone call made today(before I read about getting it barred).
Will getting it barred clear the default on my credit file immediately?
Thanks
Edited by Studio117 on Wednesday 10th October 13:36
Once a debt becomes statute barred it always remains statute barred even if the debt is subsequently acknowledged.
The records held by the credit reference agencies are not directly linked to statute barring though. They have their own six year rules. You can expect a defaulted debt to be removed from the agencies records six years from the recorded date of default. The date of default could be several months or even years after you last acknowledged the debt to the creditor.
The records held by the credit reference agencies are not directly linked to statute barring though. They have their own six year rules. You can expect a defaulted debt to be removed from the agencies records six years from the recorded date of default. The date of default could be several months or even years after you last acknowledged the debt to the creditor.
Paying it off won't remove the defualt, it will just change to settled instead of outstanding, as stated above the defualt will remain on your credit file for 6 years after the default date.
The damage has already been done to your credit file, I personally wouldn't pay it off, but it's up to you.
The damage has already been done to your credit file, I personally wouldn't pay it off, but it's up to you.
Studio117 said:
Thanks for the clarification.
According to my credit report it only defaulted in 2008. I can't wait another 2 years before its deleted. Will be paying up in the morning
Many thanks
That won't make any difference. You didn't pay, you defaulted, you're stuck with it.According to my credit report it only defaulted in 2008. I can't wait another 2 years before its deleted. Will be paying up in the morning
Many thanks
Don't bother paying it as it's statute barred, and you'll simply pay a load of money for nothing.
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