Tryingtofixit
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In that instance, the debt would remain on the credit report until it was cleared or written off. Then it would remain for 5 years from the date of closure.Hi @Dave_Curry_IMC
Would the above comments stand in a scenario where a borrower completed defaulted on unsecured personal debt? I.e. not that they were simply in arrears, but they simply didn't pay?
Most would overlook that, as long as the credit agreement came to an end (whether cleared or some/all written off). He probably has a bad internal grade with the bank that lost money, which would likely mean that he would be declined by that bank, but other than that I don't see any issue.Hi @Dave_Curry_IMC
That is the OPs scenario from a previous post. He didn't repay, and his creditors either wrote off or sold his debts. So the 5 years is since it was written off, not since he cleared arrears.
So, would banks turn a blind eye if such a history were disclosed?
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