Buy Back Your Account??

tallulah

Hi all,

hope someone can help me.

I got a letter on Tuesday from a debt company i think. It abouts an debt from when I was a student. Now I think I cleared this debt but can't be 100% too sure - and have no records or anything. I did have an acct with the bank listed but aint had anything for 6-8 yrs about it. This is the first letter I have seen and its saying that I owe over £1200 and that they will allow me to buy back to debt - i need to bid and if i meet the reseve and pay it then the debt is cleared?? Otherwise they will reduce it by 25% and want to me to pay £35 per month.

I aint contacted them yet about it just yet.

Any one have any suggestions. As i have no records nor can i remember if i paid if off whats the best thing to do?

I don't want to end up with this on my credit record - but may be its already there as they have sent me a letter - any ideas?

If i have to pay it what do you think they will accept as final payment to get shot - im think around £400 but don't know if they will agree that....

Any ideas or help would be really useful - thanks so much

Penny2myName

some one else had the same thing last week. I cant be a hundren percent sure, but think it was said that this is a new tactic by certain dca's and not ligit. Will see if i can find the post for you.

Penny2myName

http://forums.moneysavingexpert.com/showthread.html?t=1130111&highlight=buy+back+debt
there you go

tallulah

thanks Penny - its from the same company so will have a read and see whats the best thing to do..... cheers

fermi

If the debt is that old, then as the other thread indicates it is almost certainly statute barred and legally unenforceable.

After all that time the creditor will also NOT be entitled to place any default on your credit reference files. If any previous default did exist from back then, it is most likely to have already dropped off your files.

Looks like they are fishing to try to get a payment on a debt that they know to be unenforceable, and counting on your lack of knowledge of the law to get it. That is if you even owe it.:rolleyes:

Have a read through the National Debtline factsheet on statute barred debts.

Link: Factsheet | Liability for debts & the Prescription & Limitation (Scotland) Act 1973

If you feel the debt is "Statute Barred", then there is a letter to write at the end of each factsheet.

If you are unsure of anything, then give National Debtline a call free on 0808 808 4000 to talk your situation through with a professional advisor.

tallulah

thanks so much folks - i did ring the National Debt line and they said just what you said above.... am going to write the letter as it is actually about 9 yrs old this debt.....

also i have got a mortgage and credit cards so if this was an issue i would not have been able to get credit....

thanks for you help - luv this site!!xxx

tallulah

All - just a wee update..... thanks for the help and advice.

I sent the letter as mentioned by other posters and got a letter today saying that no further action/letters or contact will be made....

thanks so much again - hurrah..... how sneeky tho only for this site i would have prob ended up buying it off again.... xxxxx

fermi

Glad that worked out.