I understand that statute barred means they are no longer able to chase you for the shortfall, but does it still appear on file as unpaid or unsettled and if so how long for? Thanks San

-- san (santrev@lineone.net), December 16, 2003

Answers

If a claim is or has been proven to be Time Statute Barred it means that the lender is out of time to take legal action against you.

A claim will not appear as settled until paid in full or you have made a full and final settlement, however (in plain english) the adverse records are removed from the following systems / agencies after a number of years: -

House Repossession records are noted by CML members and some other lenders on a register for a period of 6 years

Defaults and county court judgements are removed after 6 years

CIFAS - who knows! - but when GENUINE fraud is being committed I firmly believe that CIFAS loggs should remain to protect innocent people from many a sleepless nights.

The rule of thumb with limitation is the following

Unsecured regulated credit agreements such as 'HP' - Overdrafts, Loans, Credit cards, Catalogues and Store cards - 6 years from latest cause of action (see past Q&As for an explanation)

Secured by property - Any mortgage or financial commitment secured against your house - 12 years from latest cause of action

Incidentally, in some cases a County Court judgement can still be legally enforced after the expiration of 6 years but the claimant needs a bloody damn good reason!

Hope this helps

-- I dont want to say (idontwanttosay@who.com), December 21, 2003.