Car repossessed many years ago, creditor threatening us with bankruptcy

becky1981_2

Around 6 years my partner and I had a car on finance from yes car credit. Last payment was september 10th 2004. We missed a few payments and within a few months it was repossessed. Since then the debt has been passed over to a company called Go Debt. Do we still owe the money for the car as Go Debt have managed to get hold of my OH mobile number and rung him this morning. They told him that were serving papers at our address for a statutory demand in bankruptcy. A few hours ago they have emailed him a scanned in copy of the original credit agreement, including a direct debit agreement and a dafs financial transaction report. What should we do? :eek:

becky1981_2

The original credit agreement was taken out on 20th february 2004

KingElvis

First Becky, I'm no expert so please wait until someone arrives who is. But, from what I can gather, as the debt is pre 2007 it may well be not be enforceable. If you haven't paid anything to it or acknowledged it in the past six years the debt is dead anyway under law.

Debt collectors will use all sorts of crappy lizard like tactics so just ignore the calls and start sending the letters to them. I would imagine the first one will be the famous "prove it" letter.

All the best.

Elvis

RAS

becky

Was this secured debt (hire purchase) or an unsecured loan?

becky1981_2

the last payment we made was sept 2004 so it wont be 6years until sept 2010. Im sure the car was an unsecured but not 100% sure

becky1981_2

No, just checked, it was for a car from yes car credit so it would be hire purchase

RAS

You need to know as unsecured debt become statute barred 6 years after the last payment or written acknowledgement. DO not write to them at the moment.

Secured debt would not be covered and they could still chase you. If they repro ed the car, I would expect it to be secured.

fermi

RAS wrote: »

Secured debt would not be covered and they could still chase you. If they repro ed the car, I would expect it to be secured.

It's not all secured debt.

Just a mortage/charge on land or property. i.e land or bricks and mortar. A car doesn't count.

fermi

Interesting link.

http://www.stephensons.co.uk/site/news_and_events/uptodatenews/debt_successfully_written_off

Apparently most of these "Yes Car Credit"/"Go debt" debts are not worth the paper they are written on.

becky1981_2

What is the recommended course of action???