15 yr old debt

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div_2
div_2 Posts: 3 Newbie
in Debt-free wannabe
Hi

15 years ago I had a problem with paying off an overdraft from a leading bank. I believe then debt was circa £7,500.

They passed the administration of the debt over to a recovery company despite all me efforts to come to an agreement with the bank.

I am still paying £15 a month to the recovery company and owe around £4,500, at this rate it will take another 25 years.

I don’t work and probably never will due to a permanent disability.

What I was wondering as a relative has offered was to off them a token one off payment.

What do you think they will accept?

And who do I offer it to – the bank or the recovery company?

Could I still be chased through the courts for such an old debt?


Many Thanks

DiV

Comments

  • Dr.Shoe_2
    Dr.Shoe_2 Posts: 1,028 Forumite
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    Firstly, you can still be chased for it because you have acknowledged the debt in the last six years. If you refuse to pay you can still get CCJs bankrupcy proceedings etc.

    In your case, I would offer 20% and see how it goes. I would be surprised if they'd accept les than that.

    Make sure it's clear that this is a Full and Final Settlement and ensure that they accept this in writing. It has to be a condition that they won't put an adverse note on your credit file.
    [strike]-£20,000[/strike] 0!
  • rog2
    rog2 Posts: 11,650 Forumite
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    I agree with Dr Shoe and would reccomend that you use the 'Full and Final Offer' Letter Template, which you will find in the above link to National Debtline.
    If, as I suspect, they do not accept your offer, there are follow up letter templates there as well.
    I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
    If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.

    HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7

    DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
  • Bambywamby
    Bambywamby Posts: 1,608 Forumite
    Photogenic First Anniversary Combo Breaker
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    Offer it to the Debt Company as the debt has been passed along.

    Good luck xx
    *Frugal Living 2015* *Not Buying It 2015*
    "Twenty years from now you will be more disappointed by the things you didn't do than the ones you did do. So throw off the bowlines. Sail away from safe harbour. Catch the trade winds in your sails. Explore. Dream. Discover." ~ MARK TWAIN
    27/50
  • div_2
    div_2 Posts: 3 Newbie
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    Firstly Thanks for the replies - you don't think they will accept 10% after 15 years?

    DIv
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
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    If you owed me £4,500 there is no way I coulfd accept 10% i.e., £450.

    Are you paying interest? If so, you may find you still owe £7,500, if not more.

    Of course, it's worth a try.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
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