Debt Missing from Credit Report

kerluc

I have recently reviewed my credit report to identify all the debt I have outstanding that I racked up with an ex (the debt is all in my name), as I want to clear my debts in order to have a fresh start with my new partner and have found that my records differ from what is shown on the report. I thought there would be 5 card providers shown.

As my financial situation, at the time, was out of control I made contact with the companies and they agreed to freeze interest and charges if I made regular, affordable, payments to them. This was set up after consultation with PayPlan and included the provision of a financial statement to them.

I have been making token payments since July 2007, via standing order, to the five companies I had credit cards with but three of these debts dont appear on my report.

I have quoted the address that the cards were registered at and would like to try and understand what has happened to them.

Can anyone please throw any light on what has happened with the debts and whether I should write to the provider or just cancel my payment and consider myself lucky that they have 'disappeared'?

There are entries from Cabot and Hillsden, which I assume must have bought the other two debts. I have never heard of these companies and wonder what the standing of their claim on the debts is, and also how receptive they are to offers to clear the debt if it is proven to be valid.

Also, should I continue to make the token payments to the original provider. The credit report shows that my 'accounts' with Cabot and Hillsden defaulted in March and Feb 2008 and does not show that they have been receiving any of the payments I have been making. There is no mention of the original providers.

Any help and/or advice would be greatly appreciated.

Many thanks

elymum81

There are three credit reference agencies that I know of... Experian, Equifax and Callcredit. Different organisations use different ones so your debts may be showing with a different agency.
Its probably worth getting a copy of all three to check where you are with your debts.

vax2002

They will soon find you now the credit check company have all the info including your new confirmed address, they will sell them the info.

Gordon_Hose

They're very well known for selling on your details.

kerluc

Thanks for the replies, looks like i should have kept my head down then. Wish I had known this first, my fault for not asking here first:(

Can anyone let me know what its like to deal with Cabot and Hillsden as it looks like I might be hearing from them soon. It would also be appreciated if you could please point me in the right direction for the letter that asks them to prove the debt with them and also guidance on what to look for.

Thanks

Tr1pp

Ive had this, experion and equifax didnt and still dont (to my knowledge) have record of 3 of my 4 debts.

unsecured loan and two overdrafts - no record that i can find

measley storecard with tiny outstanding debt flashes up loud and clear with defaults though.

the creditors and credit reference sites all had my up to date info at the time...go figure

swanfan02

kerluc wrote: »

I have been making token payments since July 2007, via standing order, to the five companies I had credit cards with but three of these debts dont appear on my report.

I have quoted the address that the cards were registered at and would like to try and understand what has happened to them.

Can anyone please throw any light on what has happened with the debts and whether I should write to the provider or just cancel my payment and consider myself lucky that they have 'disappeared'?

There are entries from Cabot and Hillsden, which I assume must have bought the other two debts. I have never heard of these companies and wonder what the standing of their claim on the debts is, and also how receptive they are to offers to clear the debt if it is proven to be valid.

Also, should I continue to make the token payments to the original provider. The credit report shows that my 'accounts' with Cabot and Hillsden defaulted in March and Feb 2008 and does not show that they have been receiving any of the payments I have been making. There is no mention of the original providers.

It could be the other debts have dropped off your credit file. They will 6 years after a default has been placed regardless of whether you pay or not.

Have you retained any record of your payments to the ones that do and have the companies sent any statements?

fatbelly

I think now's the time to stop your token payments, especially if you're making them to creditors who no longer own the debt and are not passing them on to the new owner! See who writes to you.

Token payment is a bit of a rubbish strategy anyway as it doesn't clear the debts but does keep resetting the six-year clock to stop them getting time barred.

So you say you want to 'clear your debts'. Do you now have the money to pay them in full, or were you going to try 'full & final settlement' deals? Cabot and Hillesden (Direct Legal & Collections) should be open to a deal as they will have bought the accounts for maybe 20% (or less) of the balance.

kerluc

swanfan02 wrote: »

It could be the other debts have dropped off your credit file. They will 6 years after a default has been placed regardless of whether you pay or not.

Have you retained any record of your payments to the ones that do and have the companies sent any statements?

Thanks Swanfan02. If they have dropped off my credit file does that mean they will have been written off or just that they dont maintain the record any more? Do you know if there are any implications could they come back?

I havent received any statements, or anything else, from any of the companies but can trace the payments from my bank account as I have paid them by standing order.

kerluc

fatbelly wrote: »

I think now's the time to stop your token payments, especially if you're making them to creditors who no longer own the debt and are not passing them on to the new owner! See who writes to you.

Token payment is a bit of a rubbish strategy anyway as it doesn't clear the debts but does keep resetting the six-year clock to stop them getting time barred.

So you say you want to 'clear your debts'. Do you now have the money to pay them in full, or were you going to try 'full & final settlement' deals? Cabot and Hillesden (Direct Legal & Collections) should be open to a deal as they will have bought the accounts for maybe 20% (or less) of the balance.

Thanks fatbelly. By clearing the debt you are right i'm hoping for a 'full & final settlement' deal as there is no way I could afford to pay back the full amount. Do you think an good starting point for an offer would be 20% and then increase, if necessary up to 30% as thats as high as I could go as I am lucky enough to be offered help from family

Do you think, if I stop making the token payments to the three companies no longer reporting on my credit file, that this might trigger some action or if they would even notice.

I have no evidence on the credit report to show any payments has been passed to either Cabot or Hillesden but wonder if they have. I guess you are right stopping will either prompt them to write or things will continue as they are.

Being very new to this I am extreemly nervous about upsetting the apple cart but know I need to take action to face this head on so appreciate all help and advice offered.

fatbelly

What's likely to happen is standard threatograms and maybe an offer of a full & final settlement.

I usually start offers at 25% but you are right to start low, particularly after 5 years of token payments. The maxim is 'you can always go up!'

I do think you probably need a change of tack, or you will be making token offers for the next 1000 years!