what should i do here

sevenpounds03

as my previous thread, im trying to get debt free.

Thing is having recently got my in depth credit reports lately, i have 3 defaults from LLoyds Tsb for substantial amounts which were defaulted in 2007 and should fall off august 2013

The thing i want to know is Im pretty sure i havent made a payment to any of these in about two and a half years, but still get letters from them maybe once a year stating the balances and asking for payments.

If i continue to not pay these, will they just fall off the credit reports in 2013? ANY IDEAS?

(before anyone says 'just pay them" these were ccs taken out in joint names during a violent marriage and i have paid off thousands just in my own name, so thought he should at least deal with the ones in joint names.

he is just out of jail and unlikely that he is going to pay these,

smartiedriver_2

Most banks and building societies still send out annual statements; I still get one for each of the credit card debts included in my IVA.

sevenpounds03

smartiedriver wrote: »

Most banks and building societies still send out annual statements; I still get one for each of the credit card debts included in my IVA.

yes but should i continue to ignore them, can they do anything else once august 2013 is up? are they likely to

edinburgher

(before anyone says 'just pay them" these were ccs taken out in joint names during a violent marriage and i have paid off thousands just in my own name, so thought he should at least deal with the ones in joint names.

he is just out of jail and unlikely that he is going to pay these,

While the circumstances sound terrible, you are both liable for the debts, so there's nothing to stop them pursuing you for them.

The fact of the matter is that while the defaults will go in 2013, the debts won't. I'm not 100% certain, but it seems unlikely that the debt itself will vanish into the ether - just the flag on your credit report that show it. The creditors might still come after you for the money, might like to check with one of the board guides to be sure though.

Tixy

You can be chased and taken to court for these debts for up to 6years from the date of the last payment.

If a creditor decides to take you to court before the 6years are up then you will have a CCJ on file which will remain for a further 6years. And after obtaining a CCJ they can also get permission to enforce the debt (which could be bailiffs, attachement of earnings, a charging order if you owned a property).

If you get to 6years with no payment and no written acknowledgement from your or the other debtor (your ex) and they haven't started court action by then, the debt would become statute barred and you would not be required to pay. But creditors are letting far fewer debts become statute barred these days, they are tending to take court action before that happens, especially as you say these are substantial amounts.

sevenpounds03

edinburgher wrote: »

While the circumstances sound terrible, you are both liable for the debts, so there's nothing to stop them pursuing you for them.

The fact of the matter is that while the defaults will go in 2013, the debts won't. I'm not 100% certain, but it seems unlikely that the debt itself will vanish into the ether - just the flag on your credit report that show it. The creditors might still come after you for the money, might like to check with one of the board guides to be sure though.

thanks for your reply. i realise what youre saying. what im confused about is the fact that all i get is maybe one letter a year stating the balance and asking for a phonecall. nothing else.
so what will happen when august 2013 is up

Tixy

If the defaults are aug 07 then in august 13 the debts, (the default and the whole credit account) will disappear from your credit file. But you will still owe the money.

RAS

Tixy wrote: »

If the defaults are aug 07 then in august 13 the debts, (the default and the whole credit account) will disappear from your credit file. But you will still owe the money.

And if 6 years have passed since the lat payment, the creditor will be unable to enforce the debt in court, even though (in England and Wales) it still exists. In Scotland it no longer exists after 5 years.

sevenpounds03

Tixy wrote: »

If the defaults are aug 07 then in august 13 the debts, (the default and the whole credit account) will disappear from your credit file. But you will still owe the money.

so legally they cant do anything after the default is up? is that right?

Tixy

No thats no right, in post #7 I said they can take you to court for up to 6years from the date of the last payment or last written acknowledgement. So if the default is August 07 but you paid 2.5years ago in say Jan 09 then you can be taken to court until Jan 15.

sevenpounds03

Tixy wrote: »

No thats no right, in post #7 I said they can take you to court for up to 6years from the date of the last payment or last written acknowledgement. So if the default is August 07 but you paid 2.5years ago in say Jan 09 then you can be taken to court until Jan 15.

i get it now, thanks. dont have a clue what to do. I cant afford to pay them, am still in the process of paying for the divorce and have paid off our other debts.

would it be worth contacting them to make nominal payments even though they havent formally asked for the money for years?