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Bad credit expiring

  • 02-08-2020 8:53am
    #1
    kingbhome
    Registered Users, Registered Users 2 Posts: 518 ✭✭✭


    During the last recession a friend got into difficulty with credit, ended up in court and had to pay a smaller amount of the loan untill it was paid off. He couldn't meet those payments because of one thing or another then a judgement was put into his home. This was 10 years ago. He pays of some of the loan still to this day when he can.

    Will this effect him moving forward with his life now or does it start a fresh every 5 years as mentioned to him from another person who got into difficulty although this other person didn't own property a d was able to start getting smaller loans again 5 years after he fell into difficulty.


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,360 Mod ✭✭✭✭Jim2007


    Well the first thing to understand about a credit rating is that it is just a reporting mechanism. The fact that something is taken of the report does not mean that the person is absolved of their debts, nor for that matter does the fact that a debt is statute barred.

    It will depend on the lender whether nor not they wish to extend credit to your friend or not. But I'd imagine that an unsettled debt will have an impact on their decision.

    And an aside, if your friend is still struggling to pay off their current debts, adding additional debt is going to be challenging in any case.


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