Natwest debt written off

mipugh

Hi,

I have been doing some investigation into my credit report and have found that Natwest have filed a default against me dated 02/2008 for approx £8000.
I do not dispute the default although the amount is considerably higher than I was expecting.
I called the bank to find out what the current state of this debt is and they told me that they have 'written it off'. They also explained that they will no longer pursue me for repayment but that it could be sold on to a DCA but as yet had not done so (after nearly 3 years).

I was wondering if anyone knew :-
a) What is the likelihood of this being bought up by a DCA after this period of time
and
b) Is there a time limit after which they would not sell it on.

I am asking these questions as I would like to know whether or not to expect a DCA to start hassling me in the future

Thanks

Tixy

Hi

I'd say its fairly likely they will sell it on to a DCA at some point. Presumably you are not paying anything towards this debt currently?

Many DCAs will buy debts up to 6years old.

After the debt is 6years old (that is 6years from the date of last payment or written acknowledgment from you) then the debt would be statute barred - which would mean you don't legally need to pay and could defend any court action anyone tried to take against you. But even statute barred debts are bought by some 'bottom-feeder' DCAs who will buy them for a few pence in the hope the debtors don't know about the limitation act and agree to repay them.