5 year old debt, what to do?

sackboy22

Hello,

Long time lurker but first time poster and looking for some help...

I have a large debt owing with a mainstream bank lender made up of credit card/loan/overdraft charges to the tune of approximately £5K which has been incurred from around 7/8 years ago.

I tried to set up a payment plan with the lender and after asking me to do a SOA they then decided that I couldn't afford to make the minimum payment (which I would have made with my partners help) and therefore they wouldn't stop the interest which made up approximately 70% of the payment I could have made. So since then (about 4/5 years), I've not paid a penny.

The debt has now been passed to a debt collection company and they are asking me to pay the balance in full or to set up a payment plan (the amount they're proposing would take me 6 years to pay off) and whilst I appreciate that I owe this debt, I'm also sore about the fact that I tried to pay it off numerous times but they rejected my offers.

What shall I do now? What would you do?

Thanks.
-Sackboy22

sackboy22

Any advice at all?

Thanks,
-Sackboy22

FireWyrm

When was the last date of default?

If you have no acknowledged this debt within 6 years, it becomes statute barred. This means that although it is owed, the debt is no longer legally enforeable. It sounds like the DCA is a one of those 'last chancers' who buy bulk debt close or over statute barred date hoping to twist a payment out of the debtor.

If you are close to the cut off, I'd ignore them at this late juncture and continue with your life.

sackboy22

Thanks for the response.

Not sure about the last date of default as when I last checked my credit report, no default was shown in relation to this.

I believe the last time I was in contact with them regarding the debt was around late 2008/9 but can't remember for certain.

FireWyrm

sackboy22 wrote: »

Thanks for the response.

Not sure about the last date of default as when I last checked my credit report, no default was shown in relation to this.

I believe the last time I was in contact with them regarding the debt was around late 2008/9 but can't remember for certain.

So, it doesnt show on your credit file at all? Well, definately ignore them then. They are chancing their arm. Acknowledgement is classed as replying in writing, but be cautious about phone calls. Chances are, they'll leave you alone after a while but you're likely to get harrassed until then.