Panicking here!Please help!

Hay_2

About 5 years ago my husband took a loan out from Natwest for around £1500.We fell into a lot of debt,moved house and it took years for us to pay everything off.Or so we thought.....
This morning we got a yellow card through demanding payment for this loan that we have overlooked:o We have heard nothing for years and years.No offeres to set a payment up~nothing.
My hubby rang them and they are demanding payment of £2298 within 48 hrs.They refuse to discuss any other options~just immediate payment.We do not have the money at all.What can we do?We worked so hard to clear our credit...now this...and to top it off it's our daughters bday this weekend and we are going away for a few days.Now we have this hanging over our head:mad:

mrslawrence2003

Hay wrote:

About 5 years ago my husband took a loan out from Natwest for around £1500.We fell into a lot of debt,moved house and it took years for us to pay everything off.Or so we thought.....
This morning we got a yellow card through demanding payment for this loan that we have overlooked:o We have heard nothing for years and years.No offeres to set a payment up~nothing.
My hubby rang them and they are demanding payment of £2298 within 48 hrs.They refuse to discuss any other options~just immediate payment.We do not have the money at all.What can we do?We worked so hard to clear our credit...now this...and to top it off it's our daughters bday this weekend and we are going away for a few days.Now we have this hanging over our head:mad:

as the debt is not 6 or more years old then they do have the right to claim it. HOWEVER, i understand the best way to deal with this is request that they send you confirmation that the debt is rightfull yours - eg they send you the original credit agreement that was signed.

Hay_2

Well thinking about dates...it's borderline 6 years.Does that make a difference?What happens after 6 years?
And can they demand full payment with that short notice?
I thought they had to consider offers of payment

mookybargirl

Was it Natwest who contacted you as it's more than likely a debt collection agency to whom they've sold the debt to. They are tend to be very pushy - ie - pay up now!

If this is the case, I would start by contacting Natwest directly. Explain you are willing to pay however need to agree a payment plan. They should be happy with this and recall the debt from the agency.

If it was Natwest who contacted you. I would call back and again explain the above. If you don't receive any joy, I always find it useful to request a a manager and refuse to hang up until you speak to someone but be extrememly polite when doing this. Keep going up and up until you get some help. Ultimately, they want yo money and won't mind waiting a little bit longer if it means they'll get the money.

Hope this helps

jobbingmusician

Absolutely - very sensible advice. Write to them stating that you do not acknowledge that the debt is yours, and requesting that they send written confirmation that the debt is indeed yours.

This will at least buy you time!

Hay_2

Ok just got the dates it was 1998....so almost 7 1/2 years....

jobbingmusician

Hay wrote:

Well thinking about dates...it's borderline 6 years.Does that make a difference?What happens after 6 years?
And can they demand full payment with that short notice?
I thought they had to consider offers of payment

After 6 years the debt just goes away, as I understand it (I think it's if you haven't made any repayments in the mean time).

Another good reason for asking them to send you the paperwork! :T

Hay_2

It goes away?Really???

newlywed

I thought it was 6 years after the last payment or acknowledgement of the debt, rather than 6 years after being taken out?

mrslawrence2003

Hay wrote:

It goes away?Really???

well i wouldn't say 'goes away'. if the company have not made any attempt to contact you or chase the debt in six years, then the debt becomes statute barred. if it remains on your credit history after 6 years, then you can write to company (equifax / experian etc) and request that it be removed as it has become statute barred.

now i understand that the DCA may claim that the debt is not statute barred, but they are wrong and legally it is. Do you have exact dates such as when you actually defaulted on the loan (not sure how much this matters).

CLAPTON

if the debt hasn't been acknowledged for 6 years (i.e. you haven't been in contact with them or made any payments) then the debt is unenforceable.
you still the debt of course but you dont need to pay it. this is by the statute of limitations.

you may need to find out when you last paid any money or were last in contact with them..maybe try getting your credit files from the CRAs.
also you could write to them saying its been more than 6 years ...leaving them to prove otherwise.

in any event before you make any offers to pay, ask them for proof that they own the debt...they could be anyone couldn't they?

if however you are willing to pay (or its not 6 years) then made them a reasonable offer to pay monthly until the debt is cleared...