DFW - need advice
wickedman224
Posts: 2 Newbie
So, I've been burying my head in the sand in regards to my finances and living well beyond my means. I got myself a consolidation loan to get everything sorted. Now I got everything sorted on my Callcredit file - not thinking and didnt check the others.
I have since discovered a motor mile finance debt from 2012. What do i do? its 120 pounds, do I wait out the 6 years, which is about this time next year... or contact them and pay it?
Also, i got a car on finance years ago, which i obviously defaulted on and it got collected. Now its saying that I still owe that money...what do i do?
Thanks
I have since discovered a motor mile finance debt from 2012. What do i do? its 120 pounds, do I wait out the 6 years, which is about this time next year... or contact them and pay it?
Also, i got a car on finance years ago, which i obviously defaulted on and it got collected. Now its saying that I still owe that money...what do i do?
Thanks
0
Comments
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Don't get any more consolidation loans for starters.
Are you been chased for these newly found debts ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Nope, nothing is being chased!0
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wickedman224 wrote: »Nope, nothing is being chased!
Is the old car loan near the statute barred limit yet ?
If your not been chased I would let sleeping dogs lie, for now.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi wickedman224
This one is going to be your call. You can never say whether a creditor will contact you at the last minute, just before a debt becomes statute barred. For that to apply, there must have been a full 6 years where no payments have been made, you have not acknowledged the debt in writing and a CCJ has not been obtained.
A company should write to you before taking court action, so one option would be to try and put money aside that would allow you to pay the debt and avoid a CCJ should you be contacted. If you are not contacted and the debt becomes statute barred you will not have to pay it back.
Susie
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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