Fair amount of debt, best thing to do?

noneforit_2

Hello

I have about 13k in debt amongst 7-8 creditors (some still original companies, most passed on to debt collection).

These are all from when I lost my job about 4 years ago. I have since setup a payment plan with 3 of them but in all honesty, have ignored the others as I can't afford to pay them.

All of them have default dates of mid 2008 so will drop off my credit file in 4 years anyway.

I know morally I should try and pay them but I am in two minds whether to just wait 2 years until they drop off?

I have moved house maybe 5-6 times since then so I have no idea if they are contacting me and I have made no attempt to contact them.

I doubt they will statute bar as my understanding is that this only happens if they stop writing to me, which obviously its in thier interests not to in order to prevent a statute bar.

Even if I called them, I could only offer a small amount so would be paying it back over like 20 years which seems stupid considering they fall of my credit file in 2 years!

Cheers

billinghamfan

noneforit wrote: »

Hello

I doubt they will statute bar as my understanding is that this only happens if they stop writing to me, which obviously its in thier interests not to in order to prevent a statute bar.

They become statute bar the last time you acknowledged the debt not when they last contacted them.

So if you haven't acknowledged the debt either by letter or payment since 2008 then they will be statue bar in 2014, however they could have got a CCJ against you but the court letters would have been sent to your previous address and you wouldn't know about it.