Had a letter from Debt Managers ltd

swtchick87

Hi everyone.

Had a letter from Debt Managers ltd today, dated 25/2/10. They contacted me regarding a debt with Lloyds TSB (overdraft from 2006) £659.50

Aparantly they got my new forwarding address from Experian as i was a member a few months back. I knew i had the debt 3 years ago but due to circumstances i couldnt pay off the amount due.

I had 3 debts due to my ex boyfriend (borrowing huge amounts from me-but never paying me back)

Lloyds tsb credit card- my husband has transfered this amount to his own account and is paying that off- bless

Lloyds tsb- Overdraft - Paid that as soon as i got the letter today, over the phone.

Now im worried about the final debt.

Capital one - I dont know how much is outstanding on that card. Its been 2 years now since i heard anything. I thought my credt report would contain the details of the account, but it doesnt. Im now worried that another Debt agency will contact me demanding payment for this. Im not working now as im pregnant. Whatever savings i had, i paid Lloyds with today. I havent the money to pay them and my husband doesnt know anything about the overdraft debt or capital one debt, as this came about before i met him. Also hes paying off his own cards.

What should i or could i do about capital one? Im worried about contacting them first, as i cant remember the amount due and cannot afford to pay anyway.

I would be grateful for any helpful advice thanks.:o

Tixy

Hi swtchick

I would wait for them to contact you. They might well if they find out your new address.
It sounds like it is unlikely there is a CCJ on this debt so wait for them to get in touch. When they do you could first get them to prove the debt again (I know you know you owe it but you should always ask for proof- especially from a DCA). http://forums.moneysavingexpert.com/showpost.html?p=11570893&postcount=2
Then if and when they provide proof you need to then offer to repay monthly at a rate you can afford.

I assume there is no way that this debt could be statute barred (this is when you haven;t made a payment or acknowledged the debt for over 6years). If it is that old then if they do contact you come back for advice.

How long ago did you take out the capital one card? Presumably before April 2007? - if so you might want to consider requesting your CCA to see whether they can produce an enforceable CCA. http://forums.moneysavingexpert.com/showthread.html?t=2305463
If not you may be able to settle the debt for a low full & final settlement.

swtchick87

Thanks for your reply tixy. I took the card out before April 2007. The amount due is escalated due to them putting charges on the account even when i wrote to them saying I cannot afford to pay, and offering a repayment plan. I have seen ads on tv about having a card before April 2007 but don't get what this could do for me.

Tixy

Some agreements before April 2007 did not contain all the legal prescribed terms that they should - if you check yours and find it doesn't comply with the legislation then this seriously reduces what your creditor can do. Eg they cannot take you to court (well they'd be silly to as you would defend against it), but they can continue to report to the credit reference agencies. For this reason its only worth looking into for debts that have already been defaulted.

Basically if a DCA comes chasing you for the cap one debt you will already have a default - so you might want to read that second link I gave and ask Never-in-doubt questions about what you can do (after you have read the first page or 2 if you have any questions ask them on that thread and NID will get back to you).

The bottom line is that you may not need to pay all or any of the debt back.