5 year old default...worth paying?

ratttyo

Income tax aswell. Can result in a custoadial sentence. But un-secured debt below 25,000 can't. Credit cards, loans they normally sell to debt firm for a fraction of the actuall value of the debt and pursue you for it.

jonnyb

:rotfl:
XGINGER I have to take issue with your "fact" posts. I have no experience on the subject, but I do have the following link to the national debt helpline website which has specific information on the 6 year rule.
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=25_liability_for_debts_and_the_limitation_act

The link was kindly supplied by CLAPTON in a different post.

It always amazes me when people spout "FACT !" but have no evidence to back up their "opinions.":p

M_Thomson

It always amazes me when people start a thread asking "should I pay a debt?" If somebody runs up a debt, then they should take responsibility and pay it back. Wether it takes 1 year or 20 years they should still repay the debt.

thesaint

M_Thomson wrote: »

It always amazes me when people start a thread asking "should I pay a debt?" If somebody runs up a debt, then they should take responsibility and pay it back. Wether it takes 1 year or 20 years they should still repay the debt.

To be fair, the OP was concerned about starting up another 6 years of the default on his/her credit file. I think this is a valid point.

ratttyo

What did you decide to do here? Im in a simillar situation!

jamesd

mr_darrin, rattyo, do not contact the company in any way or make any form of payment or offer of settlement. If you do that will restart the clock. Simply ignore it until it leaves your credit record.

For more informed comment about the rules than the complete rubbish some have written above I suggest that you ask in the debt-free wannabe section, where the experts in dealing with old debt spend their time.

It's silly that you're penalised if you pay it off now but that's the way the system works.

ratttyo

Jamesd thing is i have a default from sep 2001 . So its got 5 months till it drops off.

Thing is Im getting letters from Lowell Financial and there other arm of the bussiness Hamptons legal are sending in letters.

The debt is for 768, but the card i think had a 300 limit on it. I can see Lowell have entered this alongside my barclaycard account on my credit report and are repoting defaults each month? dont know what to do?

crazy_chick_573

pay it off and cancel the card if you don't need it. your credit rating will get a boost because if you have too many cards you may get refused later

ratttyo

I haven't got the card anymore. Only barclaycard which is fine. This was for a capital 1 card i forgot about years ago. This debt firm have bought the debt and have regestered the account on my credit file and are reporting it on my credit file each month as a default?

thepinklady

ratttyo wrote: »

What did you decide to do here? Im in a simillar situation!

Didn't i read earlier that you had £25,000 to put in an bank account, well if you have that sort of money, pay the debt off and get it cleared. I know I would.