Written Off Loan

wifesdebt

Some advice please, discovered in Dec my wife had huge debts over £30k to Nat West on a loan and another £30k on credit cards, she had kept this to herself and gone to CCCS.

Anyway she found out today by chance via Triton, Nat West wrote off the loan debt now £ 20k, she had been paying £150.00 month via CCCS, it was written off Dec 09 and Triton confirmed balance is nil and said it hasnt been passed to a DCA, as we havent heard from a DCA in the three months since Dec can we assume they havent passed on and all is now well and gone away.

They claim to have written to her but nothing arrived, she has asked for a copy of the letter which is on its way they say.

Tixy

It does seem unlikely that is has been written off. However if you can get a letter off them then thats great.

If not you need to be aware that they could decide to take her court right up to 6years from the date of the last payment.

Fingers crossed for you that she has somehow been incredibly lucky.

niccatw

If you have received noting in writing to comfirm Triton have not sold the debt onto another DCA, I would be sceptical about believing them. Also, as you're wife has been paying through CCCS, i think it means the debt is still "live". By which I mean, unless you have not ackowledged the debt or paid toward it in the last 6 years, when you could argue it could be stauture barred, the debt is unlikely to have been written off. As you have been paying, I'd be wary of accepting anything a DCA tells you as given. It may come back to bite you.

Saying that, that is only my opinion, I'm certainly no expert and have had no dealings with the DCA you talk of. Other, more knowledgable members of the forum may be able to give you more pertinent info.

wifesdebt

Yes I was very surprised and remain sceptical, the only possible explanation can be at £150.00 a month it would take forever.

The claim Triton made was that they offset £1500.00 from the dormant current account, I had been paying a standing order into it not knowing she didnt use it anymore and the funds built up over time. They say that was offset plus the payments made to date account for 50% of the original capital without interest etc etc and Nat West have settled for that, and Nat West wrote the rest off. Presumably claiming it back from an insurance or the latest government bank rescue scheme.

They did advise that the payments made in the last 3 months went to a suspense account as her loan account is closed, but they dont advertise that it was written off because she would stop paying if she knew she didnt have to ! ! !

niccatw

Why don't you keep paying £150 into a savings account... if you don't hear anything in 6 years and haven't paid anything to it, they can't make you. Meantime, if they do get back to you, you have a little peace of mind knowing you have a savings account just in case they do get back to you. ^ years down the line, you can do what you want with that money.

Though, if your wife is still on a DMP, I'm not sure if that's allowed.

Something to muse over perhaps?

niccatw

^ should be 6! I really need to proof read! Sorry!

wifesdebt

It will be helpful if true, concentrate on the others then, we have been married such a short time and she moved into my house with no contributions to mortgage and no name on deed or mortgage and i paid all the bills and bought her car, so she has no assets to pursue wonder if they know that, and if it would make any difference.

Deep_In_Debt

If she has no assets as such, would BR be an option for her?

As others have said, I'd be very cautious about this being written off especially 20k - creditors rarely do this.

Deep_In_Debt

Apologies ...didn't read your original post properly about the 20k loan...Doh!