Ok so I know that CCJ's last 6 years...but does this mean that the debt just goes away if a CCJ is 6 years old and unsatisfied? I suppose not but what does happen?Anyone? Anyone???LoveSupermattt
Hi Supermattbut does this mean that the debt just goes away if a CCJ is 6 years old and unsatisfied?You may be pleased to note that that is exactly what happens. The judgement will remain on public record for six years whether it is paid in the mean time or not. The public record is wiped clean each month for judgements 6 years old.You may also be interested to Know, that if a debt is more than 6 years old, the creditor cannot legally chase you for it, as after 6 years the debt is time barred.Cheers - Col1n
Hi Dave,When does the 6 years start ? Is it the date of the CCJ or do you also mean debts that have not gone to court ?The answer to your question is either!The 6 years starts from the last time that the creditor contacted you regarding the debt.If the creditor obtained judgement, technically, they have 12 months to enforce the judgement. there are several ways to do this:1. instruct the bailiff to attend your hom/business to remove goods to be sold at auction to satisfy the debt2. apply for an attachment of earnings order which will compel your employer to deduct payments from your income.3. apply for an attachment order on your property which is a legal charge against your house which accrues interest until satisfied.4, apply for a garnishee order which will freeze your bank account or attach any monies owed to you by a third party.5. apply for an oral examination which involves you being grilled by a district judge with regard to your income/assets etc.6. Make you Bankrupt - if you owe more than £750.00 a creditor may petition for your Bankruptcy (not much is it?) if it is your first bankruptcy and you owe less than £20,000.00 you will be automatically discharged after 2 years, if the figure owed is more than £20K then the bankruptcy period is for 3 years.If the creditor does not obtain judgement against you and the debt is more than 6 years old, it is time-barred and they cannot take any legal action against you whatsoever.If judgement has been entered on the public record, it will be wiped clear after 6 years whether it has been paid or not and no further action can be taken.Hope this clarifies my post, however, if you need further info, feel free to post/e-mail me - whatever.Cheers - col1n
Hi all,Morning has broken once again.Further to my last post, the address for Experian is:Experian Limited, Experian Consumer affairs, P.O. Box 8000, Nottingham NG1 5GXEquifax is:Equifax Plc, P.O. Box 3001, Glasgow, G81 2DTThe fee for the credit file is £2.00 (from both firms) and they accept cheques or postal orders.HTHCheers - Col1n
Hi Dave,My understanding of your post is that the first lender will be out of time in another year, while the second has kept his options open and can "attack" at his discretion.Sorry, I was a little ambiguous I think.Neither creditor has kept their 'options open'. In the interests of clarity, if a creditor does not take any legal action within 6 years of the date of the bill/invoice etc, then they have no legal right to pursue you..... sorry, your friend/whoever. This is regardless of whether they have telephoned you, sent Xmas cards, e-mails, snail mails blah blah etc !Hope this is clear, but as ever, if you want any further info, just feel free to contact me - OK ?Cheers - Col1nP.S. I have only recently found this board and as debt is something that I specialise in (professionally) - do you think that they will make me a TMF ? I could be TMF'ardluck or something couldn't I ?
Col1n, Having satisfied my CCJ sometime ago I'm waiting for that day(next year) when I am 'clear' and it's scrubbed from the records. But who does the 'scrubbing'? Do Equifax & Experian have batch jobs running every day to find out if this type of process needs performing? Or is it something I should be chasing next year around the time I expect it to be cleared.Gary.PS. See post 312 on this board for my experience with Mercron. Appreciate some reply.
PS. See post 312 on this board for my experience with Mercron. Appreciate some reply. I am sure that post is very good , however my one is 302...Whoops..
Having satisfied my CCJ sometime ago I'm waiting for that day(next year) when I am 'clear' and it's scrubbed from the records. But who does the 'scrubbing'? Do Equifax & Experian have batch jobs running every day to find out if this type of process needs performing? I expect that when a company asks for a credit report on you, The Credit Reference Agencies simply generate a report that includes the relevant details for the last six years from the information that they hold, so while the information may not be immediately purged from their system, it won't appear on reports to lenders.Gaz
Having satisfied my CCJ sometime ago I'm waiting for that day(next year) when I am 'clear' and it's scrubbed from the records. But who does the 'scrubbing'? Do Equifax & Experian have batch jobs running every day to find out if this type of process needs performing? Or is it something I should be chasing next year around the time I expect it to be cleared.I had a CCJ, and satisfied it. It's on my details as satisfied. I've not had a problem getting credit since then. I have been told that having a satisfied CCJ may actually help your credit rating on the grounds that you've realised your error and worked hard to clear it.In other words, I wouldn't worry too much about it.FoolSwing
Hi Garyregarding the following:Do Equifax & Experian have batch jobs running every day to find out if this type of processneeds performing? Or is it something I should be chasing next year around the time I expect it to be cleared.</>Equifax & Experian are merely credit reference agencies, who have access to a lot of public (and some not so public) information. The Public record is maintained by the Registry Trust in London and it is their job to maintain the register, which they do very efficiently.You do not have to do anything yourself, the record is expunged on a daily basis by the Registry Trust for all judgements 6 years old.I will answer your remaining query in a bit, 'er indoors is screaming for me just now.Cheers - Col1n
Hi again Gary,See post 312 on this board for my experience with Mercron. Appreciate some reply.Haven't seen their advert so I can't overly comment, although I know the type of company. These so called 'Credit Repair' companies get right up my nose as they prey on people's lack of knowledge of the Law and the people that they take advantage of, are often the one's who can least afford their WORTHLESS, scammy information.For the record (and I hope a lot of people get to read this, to save themselves some time and money), you cannot legally remove a CCJ, unless it was incorrectly entered in the first place.The only way to remove a Judgement from the record, would be to make an application to set aside. To do this, you must have grounds to do so. It is not just a matter of making an application to the Court. Once the application is made, you would be given a hearing date and you would have to attend the Court, usually in front of a District Judge. You would then have to convince the Judge, that the Judgement should not have been entered.Even if the Judgement is set aside, the plaintiff (or the claimant as they are now known, under the new Court rules) would be notified and the likelihood would be, that the Judge would order the matter to be heard in the appropriate Court. (Under £5000 - Small Claims (arbitration), Over £5000 - In open Court under fast track or multitrack)The so called 'Credit Repair' cowboys flog you information that you could have obtained at the Court for free. They charge a nominal fee as you point out and whilst a lot of people will undoubtedly be disappointed like yourself, who is going to bother kicking up a real fuss for £49.00? - that's why they get away with it.Unfortunately, as I said previously, I have not read the advertisement to which you refer, but I can only suggest that if you feel that it was misleading, write to the company and say so and ask for a refund (you will probably be ignored) so I would also make a complaint to your local trading standards office (threaten this in your letter to them - it's worth a try)If this does not work, I would suggest that you take it on the chin, it's just not worth getting yourself twisted up over - just remember - that the best lessons learned in life, are the ones that hit you in the pocket ! - Just don't take a lot of lessons !Yours in FoolishnessCheers - Col1n
Foolswing wrote:I have been told that having a satisfied CCJ may actually help your credit rating on the grounds that you've realised your error and worked hard to clear it.With the utmost respect FS the foregoing is definitely not the case. Having any sort of adverse information against your address will only be detrimental to your credit rating and will certainly cause delays at best, to any credit application.However, the likelihood of your obtaining credit is dramatically increased if you had one satisfied judgement, as you could explain this fairly easily to a prospective lender as an oversight, slight glitch, dispute etc. You would find it pretty difficult to explain two or three Judgements or more, even if they were satisfied.Nevertheless, different lenders have vastly differing loan criteria and as always, it's a case of shopping around. Some second line lenders will even make loans to Bankrupts, but the interest rates are very high, as you would imagine.Cheers - Col1n
Col1n et al, Thanks for the advice.....Gary