Locating my creditors and making full & final settlement offer.

useyourillusion2

I think I have debts of around £18,000 but these were last dealt with in any meaningful way back in 2005 when I had the involvement of an independant debt charity. At that time minimum payments were established with some of my creditors (debt collection agencies) by standing order and that these are current. Other creditors refused to accept minimum payments and communication ceased and they've never located me as i've moved several times since.

I am now in a position where I can, and have, saved money so I'm considering contacting my creditors so I can offer full and final settlement with the hope of rebuilding my credit rating.

During this time I have had a small overdraft with the my bank, mistakenly opened a Next online credit account and my credit report as of 2010 didn't detail any increase in total debt owed.

Given that it has now been seven years since I have had any contact whatsoever with my creditors I now have no idea who owns my debt. I am hoping to avoid being tied into a oppresive repayment plan and would rather offer a lump sum in return for final settlement and allow my credit record to begin being rebuilt.

For those with experience, can you advise how I go about locating my current creditors and at what percentage of total debt should I open negotiations?

DevCoder

If it has been 7 years then the debts (unless secured) are statute barred.

They also wouldn't appear on your credit file, so Im not entirely sure where else to look.

If you are serious about repaying the debt even though they are probably statute barred then good on you, wish more people were like that.