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Help with an old debt
Hope someone can point me in the right direction or hopefully answer my question.
My oh took out a loan in 1988, to be paid back over 5 years, it was paid at the full rate for the first 2 years, we then moved house & continued to pay it for a few months. We then split up & were apart for around a year during which time I don't know how much exactly if anything was paid, my oh after much hassling from me got in touch with the company concerned possibly through a letter from their solicitor to the address he was staying at around April 1992, he asked them to freeze the interest, they agreed & he arranged to pay a much reduced amount & unbelievably is still paying it through a bank standing order.
He is now contemplating cancelling the standing order as he reckons the debt must be paid off by now & he has not had any letters or any communications with the company in all these years. Not really sure what to do next, but its a long time paying a debt for 20+ years!!! By the way we are in Scotland
My oh took out a loan in 1988, to be paid back over 5 years, it was paid at the full rate for the first 2 years, we then moved house & continued to pay it for a few months. We then split up & were apart for around a year during which time I don't know how much exactly if anything was paid, my oh after much hassling from me got in touch with the company concerned possibly through a letter from their solicitor to the address he was staying at around April 1992, he asked them to freeze the interest, they agreed & he arranged to pay a much reduced amount & unbelievably is still paying it through a bank standing order.
He is now contemplating cancelling the standing order as he reckons the debt must be paid off by now & he has not had any letters or any communications with the company in all these years. Not really sure what to do next, but its a long time paying a debt for 20+ years!!! By the way we are in Scotland
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Comments
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If he thinks that the account is cleared, the best idea is to just write to them or phone them and ask what the balance is on it. It's not a good idea to just stop paying as they might just re-start enforcement action and leave you both back where you were when you first stopped paying.
Its true that 20 years is a long time to be paying off a debt but it doesn't mean he can just stop unfortunately.
Are you jointly liable for the account or is it just in his name?
Hope this helps.0 -
Its just in his name & I have already said this to him, part of the problem is we don't know who to contact as the company he had the loan with don't exist as a personal lender anymore and as he is now a cancer sufferer I'm afraid its going to worry him unneccesaril, going to cab next week to discuss it as its the only debt we have.0
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I expect that the cab will help you track them down and ask them how much is left. They might also help you negotiate lower payments if that's appropriate.
If you could post the name of the lender and/or the collectors, somebody might be able to get you a current address/phone number though.0
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