Unsure of debt

sarah.winning

Hi all, Im hoping someone can help me.

I have £6000 of various debts on my credit file mostly in 2005. They have date last deliquent of may 2005/june 2005 etc (there are 7 separate debts) all of which i have not paid and stopped paying about 5 years ago.

Now I am wondering what is the best thing to do to sort these debts. I have heard of something called statued barred and wondered would it be best for me to wait for these debts to pass the 6 year period and hope that they then fall off my credit file, or do i start paying them back now and risk having bad credit for the next 7 years??

Hope someone can give me some comprehesive adive?

Sarah

fatbelly

Whether a debt is statute barred and whether it's on your credit file are two separate issues. Suggest you read this factsheet:

Factsheet | Liability for Debts and the Limitation Act

If the debt is statute barred, then the creditor's options are reduced and yours are increased. So tactically it may be best to not acknowledge the debts at this stage.

If you're in Scotland it's 5 years not six.

The fact that you've done a credit check may flush debt collectors out. If you get letters, let us know,

handyman123_2

sarah.winning wrote: »

Hi all, Im hoping someone can help me.

I have £6000 of various debts on my credit file mostly in 2005. They have date last deliquent of may 2005/june 2005 etc (there are 7 separate debts) all of which i have not paid and stopped paying about 5 years ago.

Now I am wondering what is the best thing to do to sort these debts. I have heard of something called statued barred and wondered would it be best for me to wait for these debts to pass the 6 year period and hope that they then fall off my credit file, or do i start paying them back now and risk having bad credit for the next 7 years??

Hope someone can give me some comprehesive adive?

Sarah

Hi, Its 6 years for SB in England 5 Years in Scotland. Has anyone been in touch with you regarding these debts.

Regards, handyman123.