1st credit offer letter

mummyyummy_2

hi there, i have a very old debt from one of the big banks being chased via 1st credit. I havnt acknowledged this debt in years, but still they keep the letters coming (actually in my maiden name too-its something i got into when I was much younger) anyway, they are offering me a massive 90% off my debt if i pay in June...should I go for it? Im scared to acknowledge it incase they make me pay it all...r they kosha? think this debt is from approx 1998-1999, basically the bank I was with started the old bank charges carry on and I got in such a mess with my account when they were ladelling in charges galore they ended up clearing me out every month which meant i couldnt pay the loan!! anyway, should I go for this offer? thankyou

mr.ton

If the debt is over 6 years old (you havent paid anything in that time) then it will be stat barred.
1st Crud are notorious for chancing their arm on stat barred debts.
Report them to the OFT & trading standards.
They have already been warned/fined before with regards to their behaviour.
Anyway - you could tell them that if they offer 100% off the debt..you might consider :D
Failing that - simply tell them to get lost

bargainbetty

When did you last make any payment to the loan or acknowledge it? If it was over 6 years ago you could try the statute barred approach - look for a template letter on the forum.

Alternatively, ask them to put the offer in writing confirming that the sum will be FULL AND FINAL SETTLEMENT. If you do not get those words, don't do it, as they will be able to chase you for the remainder.

Good luck

CCCS_Sarah

mummyyummy wrote: »

hi there, i have a very old debt from one of the big banks being chased via 1st credit. I havnt acknowledged this debt in years, but still they keep the letters coming (actually in my maiden name too-its something i got into when I was much younger) anyway, they are offering me a massive 90% off my debt if i pay in June...should I go for it? Im scared to acknowledge it incase they make me pay it all...r they kosha? think this debt is from approx 1998-1999, basically the bank I was with started the old bank charges carry on and I got in such a mess with my account when they were ladelling in charges galore they ended up clearing me out every month which meant i couldnt pay the loan!! anyway, should I go for this offer? thankyou

Hello,

Creditors are unable to legally purse you for the debt if, after six years;

• The creditor has not already obtained a county court judgment (CCJ)

• You or any one else owing the money (on a debt in joint names) has not made a payment

• You have not written to the creditor admitting they owe the debt

This is known as statute barred and refers to the Limitation Act.
If you believe that the creditor is timed out to collect the debt, you may wish to use the template letter below.

Example letter – limitations act

From:
Name:
Address:
Postcode:
Date:
To:
Creditor’s Name:
Account/Agreement No:

Without Prejudice

Dear Sirs
Ref
I do not admit any liability for your claim and will not be making any payment towards it, as it is now more than six-years since any cause of action may have accrued. Any claim would, therefore, appear to be statute barred under section 5 of The Limitations Act 1980 and any court claim will be defended on that basis.
In addition section 2.14 of The Office of Fair Trading Collection guidance states that it is unfair to pursue such claims where, as here, the creditor has made no contact during the relevant limitation period.
If, however, you have substantive evidence that your claim is not statute barred then please supply it to me within 21 days. If you are unable to provide such evidence please confirm that no further action will be taken against me.
Yours faithfully
(Signature)
(Print name)

Tixy

As others have said its almost certainly going to be statute barred, but remember they are allowed to continue to chase you for payment until you send them a letter to say its statute barred and you don't intend to pay. After that they must stop chasing - if they don't then come back for a further letter and advice on complaining to the OFT.

mr.ton

Tixy is right - they are still allowed to chase/contact you, but the minute you tell them to "go away" effectivley is the minute they must do so.
They have no legal power to any money off you in the 1st place - so then it technically becomes harrassment & a police matter etc...

mummyyummy_2

thankyou everyone, about the statute barred thing, no I havnt paid to this debt or acknowledged it in over 6 years, although I think they may have tried to phone and poss the kids have said 'she's not in at the moment,' now even they know that if the phone goes for Miss XXX then they even say 'we dont know her'. It just seems weird becuase I can even get credit nowadays, so Im presuming it wouldnt show up on a credit search, I suppose I should do one and find out! I though that, as long as they chased me, It couldnt be statute barred, but Im reading here as long as i havnt acknowledged/paid it can be? I do hope so...so if I send the above template, that wd def not be acknowledging it? thanks again ....this will be a weight off my mind :-)

Tixy

Any acknowledgement from you would have to be in writing so calls to/from you or speaking to the kids definitely won't count - have a read of this factsheet - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=25_liability_for_debts_and_the_limitation_act

The fact that you can get credit means its likely to have dropped off your credit report as being more than 6years from the default date.
You should be fine to send the template letter.