Full and Final Settlement

Kookai_2

I wondered if anybody could offer me some advice please.

I have a huge debt with Northern Rock (now sold to a debt collection agency) I've been running away from it for years (not proud of this) but they have recently sent me 2 letters to my current address asking me for payment and then threatening court action. The debt is due to become statute barred in October but I am worried that they will put a CCJ against my name before then and this will mess me up for years to come. I don't think they have already as I have been able to get credit recently. The temptation to bury my head in the sand is massive but I know that won't make it go away

I was hoping to ask my mum if she'd be prepared to lend me some money and offer them a full and final offer to clear it. I haven't contacted them / made a payment for well over 5 years and don't know how to go about suggesting a F&F to them. The original debt was £15k -with interest it is now £21k. I'm scared to contact them but this is hanging over me.

How much should I offer? How likely is it that they will accept?

Thanks v much

Numpty_Monkey

Do not contact them
I would wait it out for another 4 months

bottleofred

Hi Kookai,

Do exactly as numpty monkey says as after 6 years the debt becomes statute barred. A debt becomes statute barred after 6 years as long as you have not paid anything towards it or acknowledged it in writing. You'll get plenty of info on statute barred debts on the site. Don't speak to them, they are getting nervous as its close to 6 years or are just hoping you'll acknowledge the debt and pay

fatbelly

If you are 5 years 9 months in on a statute barred strategy, why on earth would you want to acknowledge the debt with three months to go?

The ball is in their court (maybe not the best metaphor). If they want to risk spending more money on court action in the uncertain hope that they might get something out of it, that's their commercial decision.

Don't make it easy for them.

Kookai_2

Thank you for your replies.

I guess I'm just worried that the next thing I'll get through the post is something from the court and it may be too late then to offer a settlement

I'll do as you suggest though and won't contact them regarding it. Will just wait and hope they don't do anything re court in the next couple of months.

Thanks again
Kookai