Hi IM’s,
Years ago when I was a young adult I got myself into trouble with an EX and he landed me in a lot of debt (that I was unaware of for years) and walked out.
The ones I knew I started paying.
He was the email, phone contact details for this debt until a collector knocked on my front door.
It’s a substantial amount of money more than 50k.
While technically it’s in both names the debt is his.
I have never repaid this money and it was defaulted.
I have since grown up and while this debt has massively impacted my credit file for the last 4 years.
Early in 2023 5 years will be up and this default will be gone from my file.
The question is can the people who have the debt contact me again, demand payment and default me again for the same debt?
I know I sound lousy but please go easy, my 18 year old self was a fool.
I have paid off over a hundred thousand dollars in debt already that wasn’t mine and this last one I just haven’t.
I know we all have opinions I just don’t understand the laws around this and I want a chance to finally make something of myself.
5 Replies
Nope, Once the 5 years is up the debt is wiped from your credit file and you are free from it. However your credit score will still be quite low and you will need to start to increase it.
I’d be looking into this as I’m almost certain it stays on your file for 5yrs after the final payment was made off the debt.
Nope. You don’t have to pay a cent and it will be removed at the 5 year mark never to be seen again unless your declare bankruptcy and then it remains for 7 years. If you have defaulted it will remain on your file regardless of whether it’s paid or not although it will show as paid or outstanding.
Are you saying there is an unpaid debt in your name? If so, it will not disappear after 5 years, the debt needs to be paid. If it’s been paid, then the bad mark against your name will go 5 years after paying it off. Your credit rating will still be crap, but that can be improved over time.
A debt that is owed will always be owed until it is paid off. No company will forgive a debt because 5 years passed.
Just wanted to add - I haven’t paid 1cent in the last 5 years he however has started to pay SOME of it. This is also in QLD