Bad Debt - Credit History

[pumpjack]

how long does bad debt stay on your credit file .
i have no CCJs
i do have short term debt of 14k
i have No long term debt

i got into arrears in early 2015, there are some credit companies chasing me for money and these companies have only started sending me bills this last 2 years even though i got the credit in 2015
my credit rating is very poor
i have paid loans off in last couple years, ive 2 phone contracts ,broadband contracts and a credit card from aqua , completed a credit building loan from cashplus, which have all been paid up to date and never a missed payment.

when could i see these defaults off my record ? 6 years from the default or 6 years from the time of purchase ?

[ummmm]

it never goes.

[ubasses]

It will come off 6 years after the date of registration. However if you do not keep up payments and get a CCJ, both the defaults and CCJ will be there from their respective dates.
Bankruptcy remains for 10 years.

[pumpjack]

it never goes.

wrong i think, according to what ive heard, im just not sure if whether after 6 years from default or 6 years from the initial purchase

[ummmm]

It will stay on your record.

Pay your debts off.

[THECORBYLOON]

From the Experian site, "How long does a default stay on your credit file?

A default will stay on your credit file for six years from the date of default, regardless of whether you pay off the debt. But the good news is that once your default is removed, the lender won’t be able to re-register it, even if you still owe them money. Nevertheless, you should continue to meet any remaining payments as the lender could go on to register a CCJ against you.

Note that the lender may sell your debt to a debt collector (a company that specialises in getting debts repaid). However, the lender must make this obvious on your credit report, so it won’t look like you have two defaults. Also, the amount and date shouldn’t change, so you won’t need to pay more or wait longer for your default to be removed."

[TonyV]

Think it is or at least was 6 years before debt was cleared by lender.

[ummmm]

6 years only takes place if there is no contact between the debtor and creditor.

[TonyV]

You can move and leave no forwarding address,I know someone that did that and eventually ended up paying £375 on a £4000 debt.

[ToraToraTora]

use some of the money the banks wont let you deposit and pay your debts off.

[Peter Pedant]

// I know someone that did that and eventually ended up paying £375 on a £4000 debt.//

other way round innit - paid 4 grand for a debt that started as £375.
very good deal otherwise

One of my tenants ended up going down for £29 000 - and it didnt ALL start with me ( £600) - and her Great Secret was, she confided to a friend who told us, was never to answer anything
ow-ee ! wrong !

debts are sold on ( are tradeable as choses-in-action) and the going rate seems to be 10p in the £1 (90% discount)
so they make a profit if they get greater than 10% of their clientele to pay

[THECORBYLOON]

PP, if more than 10% of debtors repay in full but the total recovered is less than that paid for all the original debts, how would there be a profit?

[TonyV]

Yes PP credit agencies with sell debts on at ever decreasing amounts .