I recently buggered off to Australia and "forgot" about about 200£ still unpaid on a loan. How lobg does it take for the bad credit rating to go away? Or will it EVER go away? I want to buy a house soon, and be able to get a credit card. I am home 2 years now and it still is in place!
2006-07-31 21:27:24 · 12 answers · asked by dogs_dung 1 in Business & Finance ➔ Credit
if £200 pounds is all you forgot about i wouldn't worry. there's people out there with alot more dept who have bought houses and have credit cards...it's life...your lucky that's all you owe. it may not be too late to get in touch with the people you owe the money to and pay them. you only end up with bad credit if they take you to court or put you on a default list.which takes time to do. but from what i here a record will always be attached to your name but it'll have no affect after 6 years.(not 100% on that though)
2006-07-31 21:49:09 · answer #1 · answered by Jay 2 · 1⤊ 0⤋
6 years
2006-08-01 04:37:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Credit companies holds your records on play for 6 years. Each person who has credit or tried for credit has a constant 6 year track which is viewed by the lenders and in doing so will help them make a decision on you.
Purchasing a house nowadays most people have some bad credit that they try to hide, so you should be able to get a mortgage no problem depending on loan to value and income with any adverse credit.
Go to a broker and not directly to a lender it will work out better for you.
Any problems contact me - should be able to get you sorted we deal with all the UK lenders.
2006-08-01 06:41:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
6 years but you can pay a fee of i think £20 to wipe it clean you have to write a letter and send a cheque to them, the one you write to is the bad debt you had before like the company you need to phone them up and ask them what bad debt company do they send bad debts to then ask for the details and wipe it clean. Hope all goes well can take a while sometimes x
2006-08-01 04:33:42 · answer #4 · answered by Hayley B 2 · 0⤊ 0⤋
i think it stays on record for seven years but there is a way not sure how though but you can place a comment by your credit rating explaining why or if you have paid it off or something.
2006-08-03 16:38:11 · answer #5 · answered by carlandrover 4 · 0⤊ 0⤋
At least 7 years, unless they have a judgement against you, then it won't go away until you pay it off, and then after you pay it off 7 years
2006-08-01 04:33:05 · answer #6 · answered by jimdan2000 4 · 0⤊ 0⤋
I believe it is 4 years. But who is really counting anyway? If your credit is that bad, don't even worry about it. LOL!
2006-08-01 04:32:24 · answer #7 · answered by missy146833 3 · 0⤊ 0⤋
in uk it's about 6 years
2006-08-01 04:42:02 · answer #8 · answered by JJ 7 · 0⤊ 0⤋
i think it's 6 years.
2006-08-01 04:31:22 · answer #9 · answered by I know nothing! 5 · 0⤊ 0⤋
generally it stays for a couple of years or else dont know.
2006-08-01 04:30:52 · answer #10 · answered by joey 3 · 0⤊ 0⤋