1st Credit - 90% off debt??!

jewing101

Hi guys and girls,
I received a letter yesterday from 1st credit regarding an overdraft I had with a bank (who I am no longer with) from a number of years ago.

I think the debt is statute barred as I think it was over 5 years ago since I had any communication with them 1st Credit. (I live in Scotland).

The problem is that I am not entirely sure if it has been 5 years yet.
What is the best way to find out?

I checked my credit report on credit expert and it is not showing on there, however I don't think that is a full credit report (as they also offer one for £6). Do you think that means it has been over 5 years?

Thanks in advance,

James

downnotout

They offer your credit score for £6 not your credit report. Your credit report is with your subscription to the site. Remember that just because the account isn't on experian that it is not on one of the other credit reference sites. Have you sent a cca request? Etc?

jewing101

Thanks for your quick reply.

No I haven't sent anything yet. I only received the letter yesterday offering 90% off (which seems a bit desperate to me!) so I googled them and found a few forums saying they are a nightmare to deal with.

I was going to send a letter to say that it is statute barred and not to contact me again but I wanted to make sure it was first.

Should I send a CCA request first of all then? Will they charge for sending me a copy? What am I looking for on the CCA?

Thanks again,

James

Numpty_Monkey

I would leave it for now and not send them anythig

Get your Statutary credit reports for £2 each from the main CRA's Credit Ratings

If the debt is not showing on any
send them the letter from here
http://www.nationaldebtline.co.uk/scotland/debt_advice.php#6
the statute barred one (second from bottom)

DarkConvict

If you send the SB letter they have to prove it is not SB.

So if your unsure, send the prove it letter first,

Then probably send the SB letter after.

This way regardless, you are not acknowledging the debt. But finding out info about it.

jewing101

Thanks guys,
I looked through the page about the Credit Reference Agencies and it recommends to view them online using the free trial, then remeber to cancel it! This debt doesn't show on either CRA (Experian or Equifax).
So I have the SB letter drafted up and ready to go.

Debt-free life, here I come!!

Thanks for your help and I'll keep you updated on the outcome.

PNPSUKNET

how long ago was the account oppened, very old ones eg 1994 wont show even if active today due to the banks terms

wobblymummy

Hi

I have also had this letter today and I am considering taking them up on the offer, has anyone else done this and do they mark the debt as settled on the credit file, everything about this seems to good to be true but if it isnt I would gladly pay it off at 90% less then the original balance owed.

RAS

wobblymummy wrote: »

Hi

I have also had this letter today and I am considering taking them up on the offer, has anyone else done this and do they mark the debt as settled on the credit file, everything about this seems to good to be true but if it isnt I would gladly pay it off at 90% less then the original balance owed.

When did you last pay anything towards this debt?

You probably owe nothing.

wobblymummy

I pay this debt every month through my DMP with CCCS, I have two debts with them in fact. I do owe this money as it was on on two cards which got passed to 1st credit about a year or so ago, have never missed a payment. Am not trying to avoid paying, would like to pay off the debt at only 10% of the original balance (wouldnt we all!)

Just trying to check if its a valid offer from them or a scam, we have had loads of offers from 1st credit, pay only 60% etc but never 90%, I dont want to pay it for it to sit on the credit file forever as an unsettled debt or for them to pass it back to the original lender to chase payment once they have taken a chunk of money from me

bottleofred

Hi,

If you intend paying this debt make sure you get it in writing from them first that it is as a full and final settlement for the agreed amount before paying. It sounds a bit strange though that there is no record of it on your credit file and this would suggest it's more than 6 years old. However, as you say you pay it every month, maybe it's best to settle it if you get the agreed amount and the words "full and final settlement" in writing from the company.