Debts from 10 years ago !

cvn25

I have just received a letter from Abbey to say they have sol on a debt from a bank account overdraft from approx 10-11 years ago. The next day I received a letter from debt collectio company saying they will accept half the payment £618 as a one off payment for a limited time.

About 11 years ago we contacted citizens advice re some debt and for 3 debts credit cards and loan we agreed a payment of £1 per month - some we have increased to £15 and £30 per months which we are currently paying.

we have never made a payment for this overdraft, not sure why? so much so that when I received the letter I thought it was a mistake. I searched out paperwork from our Citizen Advice visit in 1999 and found reference to this overdraft which I had forgoton all about.

Are their any guidelines or rules to debt from this long ago which have not been requested until 10 years later.

I have contact the debt company to say we cannot afford to pay this, even with their offer of paying this over 3 months and the account is on hold until they hear from us.

Anyone know what we can do in this situation ?

blind-as-a-bat_2

If you have not paid anything towards a debt, nor acknowledged it in writing for 6 years (5 in scotland) it is statute barred, which means you dont have to pay, nor can they demand payment.

Its a clever ploy to try to get you to pay, nohing more, DO NOT PAY ANYTHING, or put anything in writing acknowledging the debt

Holes_in_my_pocket

If no contact in 6yr from either party then the debt i believe is called statue barr and written off

debt_doctor

Hi,

If you have not made a payment or written to the creditor within the last 6 years then the debt is statute barred under the limitations act.

Essentially they cannot take any action to recover this debt. If they continue to chase the debt when aware it is statute barred is a direct contravention of the OFT guidllines on debt collection and they should be reported if that happens.

DD

miss_spooky

Follow this link and look in drop down menu for "Despute your iability for a debt when creditor hasn't contacted you for six yrs".

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

Print & send recorded del.