been contacted by debt agency to clear off my debt... please advise

mkaudio

Hi All,

First post here so sorry if this is explained somewhere else. anyway, to cut a long story short. Had a 10k debt for about 10 years now and has been passed on to many debt companies in that time. I have 6,400 remaining for some reason, anyway i got a call saying if i can pay half of that they will write it off.

So if this is correct and legal, where is the best place to get the 3,200 from without involving family and friends or doing a bank job? i just tried to get a credit card but was declined. I just want to get rid of this bit if debt once and for all. I have no mortgage ( meaning no house ) so im stuck.. i have just popped my head out of my overdraft for the first time in about 7 years and have 1,250 on that.

thanks for any advice on the matter..

cheers

Tixy

Have you been paying a monthly amount towards this debt? If not when did you last pay towards it?

Do you owe £6400 just to the one debt collector? and is it that same collector who has offered you a 50% settlement?
If so then read this on full & final settlements - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

However I assume that you credit rating is pretty poor - is that right? have you checked your credit report recently?
If it is you will struggle to get more new credit.

RAS

mkaudio wrote: »

Hi All,

First post here so sorry if this is explained somewhere else. anyway, to cut a long story short. Had a 10k debt for about 10 years now and has been passed on to many debt companies in that time. I have 6,400 remaining for some reason, anyway i got

How many debts was this?

How much have you paid off in the lst 6 years?

mkaudio

RAS wrote: »

How many debts was this?

How much have you paid off in the lst 6 years?

Hi, it was just one 10k loan from Barclays. Was paying 230 a month to start with then it all went wrong after about 2 years. I wish i knew how much i have paid off but i got in to this mess cos i was young and rubbish with money, i am assuming that it is over 10k though.

I know its nothing compared to lots of debts but, i want to start to rebuild my credit and eventually get on some kinda property ladder like most of my mates my age.

mkaudio

Do you owe £6400 just to the one debt collector? and is it that same collector who has offered you a 50% settlement?
If so then read this on full & final settlements - []

yes the 6,400 is with just the one, they called me to bully me in to paying more a month that i was paying, once i said i couldnt they offered me the final settlement.. quite bright considering i had just explained i couldnt afford to increase my payments.

i have a couple of other debts with credit cards that i am paying off about 20 pounds a month. All together i would say i have about 8-9k debt.

Yes, my credit is shot to bits, although i have managed (after reading on this site) to get a capital one card, premium too with a grand old limit of £100

Tixy

So have you been paying anything at all recently? Roughly when did you last make any payment at all to the debt?

EDIT Sorry I see you have answered now. RAS and I were trying to see if whether you had paid nothing at all towards this particular debt for 6years (in which case it might have been statute barred - but it doesn't sound like it is).

If they have offered you a settlement once then they are likely to again. Also if they offer you a 50% settlement you could always counter with a lower offer (maybe starting as low as 25% of the debt - you can always go up if needs be).

Are you in a postion to be able to start saving towards making a full & final settlement in a few months? could you do overtime/sell old posessions etc to try to make some money to do a settlement offer?

RAS

So the loan was taken out 10 years ago and you stoppped paying the full whack 8 years ago.

Have you paid anything off the debt in the last 6 years (5 years if you are in Scotland)?

It is important.

mkaudio

RAS wrote: »

So the loan was taken out 10 years ago and you stoppped paying the full whack 8 years ago.

Have you paid anything off the debt in the last 6 years (5 years if you are in Scotland)?

It is important.

Hi
thanks for this help its nice to be getting some after all this time,


Yes i have been paying off 50 a month for the last 2 years ( i know not too much) before that it was bouncing between agencies. I did live in spain for a year and kinda hid from it, i called barclays when i got back and told them what i had done, and in all honesty i think they had wiped it and i basically made them realise it hadnt been paid.. i dunno... but after that blab, i am still paying it off.

mkaudio

Tixy wrote: »

S
Are you in a postion to be able to start saving towards making a full & final settlement in a few months? could you do overtime/sell old posessions etc to try to make some money to do a settlement offer?

Well i have had to move back to my folks for the last year, and while it was ok at the start being in my 30's the novelty of not having to cook had worn off. So i am looking to move out too. I mean I can put some aside as i want to get it out of my life.. I do have my overdraft maybe i could use that too. Offer maybe 2k and see what they say?

RAS

mkaudio wrote: »

Yes i have been paying off 50 a month for the last 2 years

So did you pay anything between 8 years ago and 2 years ago?

mkaudio wrote: »

i know not too much) before that it was bouncing between agencies.

Has anyone4 explained the Statute of Limitations to you?

If you have not paid for a period of 6 years, at any time, the debt is not longer enforceavble.

Have you ever requested the CCA? Checked the default letter?

mkaudio

RAS wrote: »

So did you pay anything between 8 years ago and 2 years ago?

Has anyone4 explained the Statute of Limitations to you?

If you have not paid for a period of 6 years, at any time, the debt is not longer enforceavble.

Have you ever requested the CCA? Checked the default letter?

Nobody has explained the Statute of limitations to me, its the first i have heard of it ( i will google in a min)

i would have made some payments for sure, but very sporadic ones that prob just got munched up by the system.

and dont know what a CCA is and have no idea where my default letter is.

I know this is bad and i got in a mess, but seeing i was out of my overdraft for so many years and maybe a chance to get rid of the debt i can see a small light at the end of a very long tunnel i have been in. I also applied for an alliance and leicster band account today so i can get rid of barclays after 1000's of pounds worth of bank charges.