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Old debt - How to close

gowenlewis
gowenlewis Posts: 3 Newbie
in Debt-free wannabe
My friend has 10+ years old catalogue debt (approx £1200) taken over by Debt Agency. She has been paying off at £10 per month for 5 years.
Times are hard and she wishes to discontinue payment. What is best way to go about this?
«1

Comments

  • elsiepac
    elsiepac Posts: 2,687 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Purely based on what you've written it would seem she can't just stop paying as it doesn't look like it would be statute barred or anything. They'll chase for payment.

    Do you have more info?
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  • gowenlewis
    gowenlewis Posts: 3 Newbie
    Originally with Littlewodds, in 1998 approx
    Taken over by Moorcroft Group 2004, then Wescot
    Agreement to pay £10 per month, made in 2008 to expire in 2015
    Outstanding balance is now approx £500
    When she slipped behind with payment in Feb 2010, they sent letter chasing and threatening legal action via court to collect balance. She caught up with payments.
    What is legal position? Would they actually do much to collect bearing in mind that they presumably have by now recovered what the debt cost them to buy?
  • donnap83
    donnap83 Posts: 540 Forumite
    Based on what you're saying, she acknowledged the debt by making payments, so she'll have to continue, as agreed. I'm sure someone will be along shortly to correct me if i'm wrong
    :oGetting married 23rd June 2012!!:o
  • RAS
    RAS Posts: 36,539 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    My thoughts would be

    1. Was there any PPI on the catalogue goods? That could reduce the debt.
    2. Demand the CCA - if that is missing or wrong she can stop paying.

    Did she ever get a default notice (not sure if these are used for catalogue debts)?
    If you've have not made a mistake, you've made nothing
  • donnap83
    donnap83 Posts: 540 Forumite
    I'm a little bemused my your statement: "Times are hard, and she wishes to dicontinue payement"

    I think you'll find that everyone here has been affected by the economical downturn, however we still have to meet our financial obligations.

    What do you think would happen if we all decided to 'dicontinue' with our repayments due to times of hardship???????
    :oGetting married 23rd June 2012!!:o
  • donnap83
    donnap83 Posts: 540 Forumite
    RAS wrote: »
    My thoughts would be

    1. Was there any PPI on the catalogue goods? That could reduce the debt.
    2. Demand the CCA - if that is missing or wrong she can stop paying.

    Did she ever get a default notice (not sure if these are used for catalogue debts)?

    Think they do, my mother appears to have several :mad:
    :oGetting married 23rd June 2012!!:o
  • RAS
    RAS Posts: 36,539 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Well in that case, it may well be that it was invalid.
    If you've have not made a mistake, you've made nothing
  • DarnIt_3
    DarnIt_3 Posts: 294 Forumite
    donnap83 wrote: »
    What do you think would happen if we all decided to 'dicontinue' with our repayments due to times of hardship???????


    I don't think many people want to dicontinue....a few might want to discontinue though :D

    OP: Your friend can either offer a full and final settlement, or hope that she doesn't a CCJ.

    She may get away with offering a token payment of £1 per month, but that is quite unlikely.
    29th June -Beginning Credit Score 422 :( £2575
    12th July - Credit score 471 :p
    22nd August - Credit Score 550 :p Still very poor just but only just!
    Remaining to pay off: £1370.95
  • donnap83
    donnap83 Posts: 540 Forumite
    donnap83 wrote: »
    Think they do, my mother appears to have several :mad:

    although saying that, my mum has that may defaults that she has no idea who or where they are for...
    :oGetting married 23rd June 2012!!:o
  • donnap83
    donnap83 Posts: 540 Forumite
    DarnIt wrote: »
    I don't think many people want to dicontinue....a few might want to discontinue though :D

    OP: Your friend can either offer a full and final settlement, or hope that she doesn't a CCJ.

    She may get away with offering a token payment of £1 per month, but that is quite unlikely.

    ;)

    But you're right about paying up or getting a CCJ
    :oGetting married 23rd June 2012!!:o
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