15 yr old debt

div_2

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

Dr.Shoe_2

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.

rog2

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.

Bambywamby

Offer it to the Debt Company as the debt has been passed along.

Good luck xx

div_2

Firstly Thanks for the replies - you don't think they will accept 10% after 15 years?

DIv

Gorgeous_George

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