Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

ByMags52
#64652 Last July I was discharged from my PTD. I recently checked my credit rating and see that all the debts that were in the PTD are down as defaults. They appear to have continued to record them as defaults throughout the TD.
I'm told that bad debts fall off the credit record after 5 years - does anyone know whether that 5 years would be from the start of the TD, from the discharge date or from some other date?
There is no mention of my discharge from the PTD on my credit record so I have put in a note of explanation including the reason for my PTD in the first place (which was because my partern died suddenly without life insurance and I was left with all the debts) Prior to the TD I had a good credit record.
Hope someone can help
ByMel_Odious
#64674 I'm a Sassenach so not that qualified to answer on PTDs but darn sarf the default should be from the start date of the TD and the 5 years (6 darn 'ere) would also be from the same date.

Mel
ByJLP
#64923
Mel_Odious wrote:I'm a Sassenach so not that qualified to answer on PTDs but darn sarf the default should be from the start date of the TD and the 5 years (6 darn 'ere) would also be from the same date.

Mel


What Mel says in more or less correct, apart from it will be 6 years from start of PTD before it falls off.The 5 years is for our Statute of Limitations (strange laws that are confusing up here-I often have to check things twice....... :D )
ByMags52
#64928 Thanks for all your helpful advice. I'm just going to have to keep waiting ...
M
ByMel_Odious
#64929
JLP wrote:
What Mel says in more or less correct, apart from it will be 6 years from start of PTD before it falls off.The 5 years is for our Statute of Limitations (strange laws that are confusing up here-I often have to check things twice....... :D )


Oops and ta J.

Mel X
Bykiltedscot
#65043 Is it 6 year from the start of the PTD, or 6 year from when the defaut was issued?

Most of mine were about 2 -3 year before the trust deed started
ByMel_Odious
#65069
kiltedscot wrote:Is it 6 year from the start of the PTD, or 6 year from when the defaut was issued?

Most of mine were about 2 -3 year before the trust deed started


The default date should be from the start of the PTD so that the data should fall off at the same time that the PTD does i.e. six years from the start. If the default date on your CRF is later than your PTD you will need to ask the lender to correct their data in accordance with the Information Commissioner's ruling on this.
It's a nightmare, I have still not managed to get all of the entries in my CRF to show the correct default date in my Bankruptcy after a year since being discharged. (England)

Mel
Bykiltedscot
#67215 So, I got a default in 2003, but took out a trust deed in Dec 05, I know my trust deed will show till Dec'11, but should the defukt not come off in 2009. if it 2011, then it will be on for nearly 9 years.

that not rright is it?
ByMel_Odious
#67286
kiltedscot wrote:So, I got a default in 2003, but took out a trust deed in Dec 05, I know my trust deed will show till Dec'11, but should the defukt not come off in 2009. if it 2011, then it will be on for nearly 9 years.

that not rright is it?

No, that is not right. We are concerned here with defaults that have been registered AFTER the start of the PTD. Defaults before will obviously fall off BEFORE the PTD does in 2011.

Mel
Bykiltedscot
#67500 Sorry mel, didnt mean to sound like a pain, I was aware that it was 6 year, but with the TD it was getting confusing.

I read about problems a lot of people have, and its just all confusing and new to me.

Thank you for advice.
ByMel_Odious
#67525
kiltedscot wrote:Sorry mel, didnt mean to sound like a pain, I was aware that it was 6 year, but with the TD it was getting confusing.

I read about problems a lot of people have, and its just all confusing and new to me.

Thank you for advice.

No problem. Any time, just ask.

Mel :wink:
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