Advice needed urgently

donespending

Hi I stumbled across this site and really hope someone can offer me some advice.

From the age of 18 credit was thrown in my face and at 29 I owe roughly 32,000 pound and decided in 2006 that I was getting into more debt trying to keep up repayments and simply stopped paying all of my creditors who are

I stupidly got a BT landline in March, years of having no credit has not bothered me at all but they did a credit check and bingo I obviously failed and had to pay a deposit up front and received letters from some of the DCA's.

I sent off a CCA request to the DCa of Egg and they can't find it so I know they can't enforce that and they have stopped writing again.

Since April I have not heard anything from the DCA for Egg or any of the other creditors. I have however decided that I want to wipe the slate clean so I can build up my credit rating so one day I can get a mortgage.

What would your recommend I offer as full and final settlement on the debts below

Egg - £5860 (No CCA but I would like to get the DCA off my back)

MBNA - £6801

Natwest Mastercard - £1105.25

NatWest Loan - £17,163.56 (with interest £28,263.80)

I have not had any contact with these companies since October 2006 but I can get my hands on some money and really would like to get rid of them once and for all so if anyone has made full and final settlements or could give me a rough idea of the % I should offer I would really appreciate it.

Someone has suggested I leave it until they go Statute Barred but I don't really understand that and for me own piece of mind I would like to draw a line under my debts and move on so I think Full and Final Settlements would be my best bet, am I right to think that?

Thanks

DarkConvict

Hi,

If you have received no contact, i would probably just keep quiet for the time being rather than rushing into a decision.

If you cannot afford to make full payments, don't make F&F offers because if they refuse them they will start hassling you for the full amounts and they will know where you are.

If any of the debts have a CCJ, they will not go statute barred.

As to the Egg debt, if you cannot afford to pay anything just leave it alone for the time being. Without a CCA they cannot get a CCJ. As such they can only ask for payment, they cannot force payment.

donespending

Thanks for the reply, I will have about 8-9000 to pay off some debts and thought full and final settlement would be a way forward as surely after nearly 4 years of no contact with me that they would be happy to have something rather than nothing?

DarkConvict

You might think that, however if you make contact and they want full payment or more than you can afford they could get a CCJ. A CCJ means the debt will never go statute barred and they can chase payment for as long as needed (unless they do nothing to recover it for 6 years after the CCJ date). CCJ also means if you do not pay they can just issue bailiffs to recover the money, bailiff charges are not cheap.

If you can atleast prolong the time it takes them to contact you it puts you in a stronger position. Because if it is not statute barred they have the upper hand.

Tackling your debts is the right thing to do, but to charge in bluntly can make your life turn for the worse. Just imagine worst case, you contact them and they reuse settlement. They issue debt collectors, 6-12months later of constant phone calls they give up and all get CCJs. Enter in all the bailiffs.
Obviously they could all accept, however settlements rarely drop below 30% even when sold to debt collectors. If the banks still own the debt they generally want 70-100% to close the account.

However, that is just my opinion in the hopes to save your sanity. You should contact CCCS / National Debtline for professional advice on how to deal with it.

donespending

One last question, do you think I should get a credit report and if I have any CCJ's contacting those companies or should I just do nothing and lie low for another 2 years?

FraudBuster

Can you hide from GAIN for two years?

https://www.econsumer.equifax.co.uk/consumer/uk/sitepage.ehtml?forward=gb_cpo_gain

donespending

I am in the same address as I was 5 years ago when I was paying my debts, so not sure thats relevant.

donespending

I have received a letter today from Cabot Financial in response to my request for a copy of my CCA months ago.

They have said ' please find enclosed all the relevant information following your request for information under section 77-78 of the Consumer Credit Act 1974. We can confirm that we can provide a reconsituted true copy of your credit agreement, which for the avaiodance of doubt complies with the Consumer Credit (Cancellation Notices and Copies of Documents) Regulations 1983 and therefore complies with the obligations set out in section 77-78 of the consumer Credit Act 1974.' 'We have complied with your request and we are able to enforce the credit agreement which you signed and entered into. With this letter we enclose; Reconstitutes True copy of credit agreement, Statement of Account, Terms and Conditions and Free advice organisations Sheets.'

How do I respond? From what I can see there is no signature on the form just a printed computer sheet?

KingElvis

Looks like you've had it mate, they will be onto you now and hound you like a dog

In your position with those mahosssive debts I would consider BR, then rebuild after.

How you can ignore a 20K+ debt and is beyond me but god bless ya

Hannah_10

What no signature? That's not a true copy, that's something else. There is a thread about unenfocibility here https://forums.moneysavingexpert.com/discussion/2532927

It's very long, set aside your evening to read it, however it's worth it's weight in gold. The flow charts will direct you what to do now and there is a template letter for the situation you are in but not wanting to say it all wrong I'll let you read it on the thread.

donespending

Has anyone had anything similar or does anyone have any ideas how to respond?