After suffering negative equity during the early '90s I couldn't clear my unsecured personal loans (re-re-re-finance) and credit card debt.

I tried to make offers, but after redundancy and a lower income, none would agree. I've got two CCJs that I know of.

Eventually I couldn't cope financially or emotionally and I ignored all letters. Some time later I moved and eventually moved again and to be honest I didn't write with my address. I've not heard anything from any of them since 1995. I expect they could trace me if they wanted me, but I'm not using credit facilities of any kind at the moment.

My income is increasing again and I hope that in 2 or three years I'd be in a position to apply for a mortgage.

Is there a statute of limitation on consurmer credit?

Assuming I keep credit free for 5 or 6 years will I clear my credit file with Equifax (and others)? Would this mean I might be able to get a mortgage without my previous history affecting me?

The debt was around 30,000 pounds with the highest a loan for 15,000 pounds.

Finally, could there be other judgements on me that I don't know about? Could they have made me bankrupt without me knowing?

-- Zak Middleton (zakerym@hotmail.com), June 02, 1999

Answers

Yes, after six years you are theoretically "cleared". I think for admin reasons it can be seven but there is plenty of literature available on this from the credit reference agencies - get a firend to apply for it if you are worried.

It's theoretically possible to be made bankrupt without knowing it but I doubt many lenders would bother. There is one specialist lender that is keen on bankrupting defaulting customers as far as I can see but it is a mortgage lender not an unsecured lender.

Lee

-- Lee (repossession@bigfoot.com), June 02, 1999.