How long can you string along creditors?

Arfhurdaly

Hi,

Currently I am making token payments to my creditors. Most have defaulted me, and then added the minimum payment onto the next month etc etc.

I wondered how long it would take the creditors to sell the debt to debt collection agencies? and how long can you "string them" along by making token payments? months...years?

PNPSUKNET

I think you need to get help in sorting the debts, rather than avoiding. See the cab or ccs

Arfhurdaly

Yeah i plan on bankrupcy, but its a bit more complicated than that. Just wondered what the time scale for collection depts usually was.

Ames

It all depends on your circumstances and the creditor, it's a bit of a 'how long's a piece of string' question. I've been making token payments for years (well I was, then got ill, now I don't know who owns the debts so I've not paid anything for a while until they get in touch). I live in a council flat on benefits though, so they know it's a waste of money taking me to court as I'm paying all they can. If I earned a million pounds a year, then token payments wouldn't cut it. If you can show that all you can afford is token payments then you should be ok for a few months till you can go br. Really, if that's the end result you're looking at, then it doesn't really matter what action they take as if it's going to be within a few months it'll just go into the br regardless of it's status. Do you own your own home? Because if they can get a charging order then it makes things more complicated.

I_luv_cats

No Rhyme or reason to action taken on debts.

Before my BR, Almost all my debts were sold on after a few months of reduced payments. One company did a £1 monthly payment plan for 60 years!! Others were reviewing every 3-6 months by letter and one was even ringing me daily!!!

MrsTinks

As said - how long is a piece of string?
Part depends on who they are, how much you owe, how much you can afford to pay, if they think your situation is likely to be temporary or permanent, if you have assets and what side of the bed they got up on this morning...
There are no "rules" for when a creditor will sell a debt...

Arfhurdaly

Ultimately, I'd like to go bankrupt, but live overseas so i dont know if this is possible. Otherwise i want to string to creditors along so i can go down the full & final route.

bikerboi87

i believe, if you live overseas then there is very little that they can do unless you live in canada or germany, but i'd get advice off of somebody more knowledgeable

GeorgeUK

bikerboi - this was correct until the beginning of the year (i think). There is some new legislation that makes it easier for EU countries to pursue debts. (European Order for Payment)

From the threads i've read, quite a few may pass the debt on to DCA's or sell them on after about 6 months if your payments are this low, but there's no way to know for sure. You could attempt to make them an offer now stating that you now live abroad and see if they accept. DCA's may offer up to 50% F&F after a few months, but getting them below this could take a while.

Ames

I think the OP means he might not be allowed to live in some countries as a bankrupt, I think it's the case for Australia and possibly Canada, but I'm not sure where else.

nordtraveller

Its been a couple of years of token payments.