Can I get this debt written off??

Gilka

I've been paying Aktiv Kapital for the last four or five years. It's for a loan I took out for 5k which turned into a debt of 10k.

At the time they originally wrote to me I agreed with them a payment of £100 a month, since then they have been taking an extra £10 each year...so it started at £100, then the next year £110, then £120 and so on............

At the moment I'm paying £140 a month and my circumstances have now changed and am about to move into a house on my own as have split up with my partner so am going to struggle to pay this amount.

I have calculated that I have paid off £7200 of this debt.
Is there any way I can get the rest written off? I can't afford a lump sum to offer as a full and final settlement and tbh I think that they've earnt a lot out of me, considering I received letters offering a full and final settlement of approx 2k.

Any advice appreciated please.

Thank you for looking.

Penny-Pincher!!

Unless you have extreme circumstances, then i wouldn't have thought so.

nottoolate

was this statute barred when passed to aktiv?

when did you take out the loan? before 2007?

have you requested a copy of the loan agreement from aktiv? http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=39_getting_information_about_your_credit_agreement

how much was there outstanding when they offered to settle for £2k? they likely paid much much less than that for the account. was there ppi on the loan? charges?

Gilka

The loan would have been taken out in the early 2000's and possibly statute barred but I didn't know then what I know now.....
I didn't ask for a copy of the credit agreement or anything - I just agreed to pay to get rid of them........
The amount outstanding would have been fairly high because I received the letters after about a year/18m after I started paying them. I don't know about ppi or charges - how do I find that out???

Is it too late to do anything?

Gilka

Here we go, I just found this letter.....
Dated 3/4/2009
Outstanding balance £9,430.04
If you pay £2,829.01 this will clear your account in full.

nottoolate

they must have paid a pittance for it to settle for that.

:eek: :eek: :eek:

Gilka

I know...and if I knew then what I know now....

dancingfairy

So is it statute barred or not? If it became statute barred then even though you have started repaying again it will still be statute barred - look into it.
df

maginot

You didn't take them up on their offer of a settlement.
They are unlikely to allow you to just stop paying because you think you have paid enough . These are businesses who are there to make a profit and were willing to make a small profit if they had no work to do collecting your monthly payments.
The only option could be to negotiate about paying a lump sum, but you state you can't do this. Therefore you need to continue making payments.
Do you have any assets?
How much is left on the repayments?
Can you move into a house share to reduce costs?

nottoolate

maginot wrote: »

They are unlikely to allow you to just stop paying because you think you have paid enough .

if the debt is statute barred or otherwise unenforceable, then aktiv wont be in a position to ``allow'' anything. they wont have any choice.

thatsean

The op has been paying them, acknowledging the debt monthly. SB does not apply.