Advice on an old loan please

Hilts

Hello all

I require some assistance please on an old loan i've been paying for many years.

I had a loan with Halifax which i took out in '98. Unfortuantely due to circumstnaces i defaulted on this loan around 2001, and the case was sent to Oliver Blair Scott.

Now since around 2003-4 I have been paying £50 a month as a standing order from my bank to these creditors, and as such this has continued for at least if not more than 7 years.

I received a call from Oliver Blair Scott today, stating that the payment arrangement ran out in May of this year. However, they are still receiving my money as agreed on the phone continously, and the arrogant call agent did agree that they are still getting the money. He asked if i could make a new payment agreement plan, of which i said i wanted to review due to lengthy of time i had been paying the debt.

Then he started babbling on about as there is no payment plan, i either need to settle the full amount (around £5000) or make a new plan, but did not want to go with my current agreement and staretd asking questions about credits cards income etc.

I advised i wasn't refusing to pay and from my bank statements this is obvious, however, said if i did not make a new payment plan, legal action could be taken.

Where do i stand with this? As this debt is over 7yrs old, am i entitled to say 'no more money' as they have had 7 years to chase this debt? Ther payment is via a standing order from my bank on agreement and has been that way for around 7 if not more years.

I'd like some advice please? Not to mention i really should get a PPI claim going as i had taken out insurancxe on this loan and my crdity card at the time (which was paid in full to the amount of £1200).

Any help is either getting them off my back, or even being able to clear this debt off my record would be greatly appreciated. Granted i haven't checke out all the stickies, but it's been so long since i've had anything like this, that now i am a little concerned

Thanks in advance

somethingcorporate

Since you have been paying you cannot go down the statute barred route. I would get moving on a PPI claim, read the relevant parts of the MSE website to help with that.

Ask the company for a statement of account so you can understand how they arrive at the £5,000 outstanding. Once you can understand whether it is correct etc it should give you a firm basis from which to negotiate.

Good name by the way Good luck.

Tixy

Hilts wrote: »

Where do i stand with this? As this debt is over 7yrs old, am i entitled to say 'no more money' as they have had 7 years to chase this debt?

You cannot just say no more money, absolutely not. They haven't needed to chase because you have been paying them. But if the debt isn't paid off then you still owe it and need to come to an arrangement with them or risk them taking you to court for a CCJ.

Hilts wrote: »

I'd like some advice please?

If you don't have one ask them for a balance and a statement of account so you can see how much you owe and what charges/ interest they are adding to the debt each month.
Work out how much you can afford to repay each month and write to them and offer that amount each month.

Hilts wrote: »

Not to mention i really should get a PPI claim going as i had taken out insurancxe on this loan and my crdity card at the time (which was paid in full to the amount of £1200).

Do you believe that the PPI was missold originally? If so you could certainly consider a claim but you'll still need to pay towards this debt in the meantime.

Hilts wrote: »

Any help is either getting them off my back,

Best way to get them off your back is to either make a new payment plan with them (in writing) or possibly if you can afford to offer them a reduced full & final settlement for the debt (in writing).

Hilts wrote: »

or even being able to clear this debt off my record would be greatly appreciated.

What do you mean by your 'record' if you mean your credit report then it almost certainly won't appear on there anymore. As debts only show on file for 6years from the date of the default.

Hilts

Thanks guys, i called tham and arranged an increase of £27 a month relating to £75. So i think this ngets them off of my case.

BTW - Steve McQueen - my hero, hence my name

somethingcorporate

I am not sure many young people would get that reference!!