Credit card debt offer to reduce by 90%. Is it true?

woofy85

Hi,
A few years ago as a student I got a credit card, large overdraft etc. Things fell apart, became homeless etc then couldn't pay my debt, so ignored it as was having too many problems. Recently got a part time job barely enough to survive on. And now, they send letters all the time. I don't know what to do, as I don't have enough money. If I had a full time job, I would glad pay them off!

Today they sent a letter saying they will reduce the debt from £1600 to £160 if I pay this month, this is from 2005. I want to clear my debt but unsure whether it is some trick etc. Plus I still haven't paid another debt on the over draft from 2008 for the same amount so worried if I pay the £160 to the debt company, they are going to hound me for the overdraft amount. This debt was from a bank which they have sold to a debt company. My friend says I should ignore it but I want to clear up my bad credit, will this help? Is it legit? What do I Do?


If it helps the debt collecting company is called 1st credit and they are situated in Reigate.

RAS

How long ago was a few years ago? This really matters because if you have not apid anything for 6 years, you are not obliged to do so at all.

Also if the 6 years is nearly up and you reply to the letter, you risk re starting the 6 year period.

woofy85

Hi, Ras
Thanks for your reply. Thank God you told me that cause i was going to call them up! I guess, I only have to worry about the overdraft debt from the bank. If I pay my overdraft debt from 2008, will it reopen my credit card debt from 2005? It was from same bank, don't know who they sold the debt too. I feel like a thief asking these questions but i am so broke and can't find full time employment.