Old debt resurfacing

Bella_M_2

Hi everyone,

About 18 months ago I got myself into some serious trouble with payday loans and had 5 on the go at the one time. They all defaulted and I have spent the last year repaying them through individual arrangements with each collection agency.
My last payment to all companies will be 31st Jan 2013, I am so incredibly close to getting my life back - albeit my credit rating is now completely ruined.

My problem is in the last week I have received a letter from two different debt collection agencies regarding two old loans (both payday loans - again). One is over 4 years old and the other is about two years old.

I have a part time salary which I have already cut down to the bare bones this last year to pay off these 5 companies because I really didn't want them hanging over me for any longer than 12 months. It's coming up to Christmas and I'm also due to go on maternity leave at the end of February.

I'm scared to reply to the letters because I quite honestly can't afford to repay the debts - at least not until after the end of Jan when my other debts are cleared. *Maybe* then I could try to work something out but I really don't expect them to wait or even care that I can't pay until then.

It's such a mess, I've been imagining how happy I'll be going on mat leave debt free and now this......

Any advice will be greatly appreciated.

Bella x

Malkin157

I'm sure you could stall these repayments until February, ask them to prove the debt is yours that will take up a bit of time then in January negiotiate a repayment amount and schedule and start payments from February.

At least they didn't come on top of your other 5.

Bella_M_2

Thanks for your reply!

Do I send the 'prove it' letter to the debt collection agencies that have contacted me or the company I originally had the agreement with?

One of the letters is actually from a solicitors firm acting on behalf of the debt collection agency who bought the debt from the company I had the agreement with and it's totally freaked me out as it's so official and has ony given me 7 days to make payment.

Bella xx

Malkin157

Scare tactics.

I assume you do actually recognise the debt as yours but to stall for time ask them to prove it, then ask them to agree to freeze interest and charges and then arrange to pay it.

Bella_M_2

Yep I definitely recognise it - thanks for your help.

Bella x