Advice Needed.

indebtuk_2

Hi All,

Today I got a letter from Equidebt stating they are looking for Mr so and so, as they are wanting to discuss a matter.

Before this letter, I didn't have any knowledge of any outstanding debts. So I checked out my credit report and I had found a new entry from an old debt that was taken out on 1998 and defaulted in 2006.

Speculating on this, it seems that the debt agency have decided to purchase this debt in July 2011 to stop it getting removed from my credit file, in the hopes of getting some or any money! :mad:

But here is the issue.

I have another credit report from experian in Apr 2008 and I have no record of oweing any monies to Link Financial and no debt relating to either 1998 or being defaulted in 2006.

Questions:


1) How can a debt that is not recorded in a credit report from 2008, now be as a default in 2011?

I don't really want to contact the agency as they have a less than stellar reputation and I don't want to acknowledge the debt since I don't know what it is.

2) The debt should be written off in about a year right? Is it better to just ignore them until this time passes?

Thanks!

Tixy

Hi

It could be that your previous creditor (the bank) did not report to experian but to one of the other CRAs. But I think more likely that as this was an old current account that your bank never got your permission to report to the CRAs (it wasn't done as standard on old bank accounts). If they didn't have your permission then obviously link still don't have your permission.

If this is what has happened then you could in theory get it removed. In practice they are likely to make it as difficult as they can for you to get it removed and of course they'll also then start chasing for the debt. I wouldn't say don't do it but if you decide to try then be prepared for a hassle.

You could possibly try contacting experian to say that the debt collector does not have permission to report this account to them and see if they will get rid of it (although they'll probably just query it with link who'll tell them its correct or something vague).

The debt will go from your file 6years after the default, so sometime next year.

indebtuk_2

Hi,

Thanks for your reply.

What is bugging me, is that Link Financial is another purchaser of debt just like Equidebt.

Now according to Experian the debt defaulted in 2006 (presumably from Link). But surely this isn't the case? Didn't the debt default much earlier than this with the original lender?

So with this in mind, shouldn't the debt have been cleared by now? Is there a way of stating the case that with the original lender the 6 year period has ended and no valid claim for any monies can be made?

Thanks

Tixy

When did you last use the overdraft?

Its weird with overdrafts that sometimes banks just let them sit almost dormat for a good number of months (even occasionally years) before they notice them and then actually recall the overdraft and only if you then don't pay do they put a default on the file.
So maybe (possibly) the bank recalled the overdraft in 2006, then issued a default, then sold it onto link in say 2009 or whenever who put on the entry on your file (but used the original default date).

indebtuk_2

Tixy wrote: »

When did you last use the overdraft?

I have doubled checked the experian report and it says current account. So maybe it was an overdraft. I cannot recall that I had one, maybe...

I don't think i used it post 2002, maybe earlier.

But my question still stands. In order for Link Financial to get the debt, then it must default with the bank first? In order for Equidebt to get it, then it must default from Link Financial?

Tixy

Once the bank have recalled the overdraft and then issued a default they will eventually sell it on - looks like to link. Link can only use the same original default date than the bank say the account defaulted on, they cannot create their own new default date.
Once sold on it can be passed on to several collectors (each paying a bit less for it each time) or its often the case that you might get 3 different names of DCAs contacting you for the debt but in reality these are all the same company with different trading names.

indebtuk_2

Thanks Tixy for your responses. I am really appreciative!

Stupid bank for letting it go on for so long before it defaults! :mad: