Clearing debt, one left to go

​​Rereleonai

Hi All,

I currently have a credit card debt that I acquired when I was 18 (7 years ago). I had issues where a member of my family passed away and I attempted to use the PPI to cover me whilst I took time off work (and away from my A-levels). They didnt like this an issued several fines over a few months and eventually it ended in a battle of the template letters. I tried to express my point of view, they ignored. At the age of 18 I felt I had done all I could do and gave up.

Role on now its definitely time to sort it. I graduated from my MSc in January and doing all I can to cancel out all debt as quickly as possible. What is particularly annoying is that I have written to the credit card issuer on numerous occasions without a reply. I noticed that there is something called statute barred and wanted to check a few things.

Firstly, I want to pay this debt, but I still do not intend to pay the excessive charges applied when I was 18. As I said to them in my letter, they need to refund the charges and/or remove the payments I had made for the benefits of PPE. I have even sent them the amount I am willing to pay to resolve the debt (quite some time ago). I realise the reason they are not chasing is likely to be down to the SB, but I dont want it against my name. What should I do?

Secondly, this credit card has caused me problems in the past with credit and its unfair. When will it fall off of my credit record? What can I do to help abate the problems caused by the "default"?

Any advice/help is welcomed! :beer:

bottleofred

Hi Shaamoney,

Statute barred for old debts only applies if there has been 6 years from the time of the last payment (I think it's 5 in Scotland). If this is still showing on your credit report as a default then it would appear 6 years have not passed. You say you got the card 7 years ago. Have you not been contacted by a debt collection agency? as the companies normally sell the debt on. The best thing to do is get a copy of your credit file and see if the default is on it, as defaults stay on your file for six years. If six years have passed from the time of the last payment they can't enforce the debt, but some companies will still try to pursue it in the hope you will pay, but they're just trying there luck.

I hope this information helps

Bottle of Red