Old Debt

Frickdapop

Hi, I am currently working in the Education sector having left the banking industry in debt. Yes I helped people with money and got into debt myself with various stupid decisions and what I can only explain as an 'addiction' to credit! I know how to run my finances, I just got out of control and I don't know how. Idiot!
Started with £24000 and getting it down now and should be debt free by August 2011. Thats the introductions out of the way :beer:

My Question or asking for advice really, is to just to check I am correct.

Basically I have been contacted by a debt collection company asking for money on a debt that is 5 years old. I know that the Original company has 6 years until they lose the right to reclaim on a contract, but what about a debt collection company?

I paid the original debt through another company and the company I took the original loan from has updated its systems and apologised that it has taken 4 years to find.
Can I trust any of their records? The loan was a contract hire with 2 phones. I thought i had paid both and was under the impression I was paying both contracts to the Debt collection company.

Also the new debt collection company calls my home phone and leaves Voice texts that are sometimes not easy to understand. They have even left the details of another customer! extermely bad practice.

I am going to photo copy the document I recieved to say I have paid and also complain about the bad business practice.
You still with me :silenced:

Anyway, is there anything else I could be doing? I am not up-to-date with current financial law.
I am considering FSA, but obviously I will contact the company first.

Thanks
Frick

Tixy

A DCA has the same 6year period to take you to court for the debt as the original creditor.

So its 6years for anyone from the time you last paid anything towards the debt or acknowledged in writing that you owed the money. When you say the debt is 5years old do you mean 5years since you last paid or 5years since the account was originally opened.
After the 6years if they haven't taken you to court by then the debt becomes statute barred. They can still ask you to repay, and still chase you for payment. Its only after you have written to say you know its SB and don't intend to pay that they have to stop chasing you for payment.

Have you checked the reference numbers in relation to the debt you are now being chased for and compared them to what you have in relation to the debt you had paid off? Does the paperwork you have state that you paid off both debts?

You could also write to them to tell them to only contact you in writing and remove your phone number from their systems.

paddyrg

Frickdapop wrote: »

...having left the banking industry in debt....

You left the whole industry in debt? I thought it was city boys being reckless!! ;-)

(Sorry, not helpful I know, but you already have good advice I think!)

cos_2

paddyrg wrote: »

You left the whole industry in debt? I thought it was city boys being reckless!! ;-)

(Sorry, not helpful I know, but you already have good advice I think!)

I immediately thought the same. Sorry for not helping, but thank you for making me smile :beer:

Frickdapop

cos wrote: »

I immediately thought the same. Sorry for not helping, but thank you for making me smile :beer:

I found that funny as well. Did not obviously mean what you thought I meant. If that makes sense :rotfl:

Frickdapop

Thanks Tixy for your reply.