capital one refusal

matttye

rartherinv wrote: »

lizzibabe's posts are her opinion which she is entitled to, but OP appears to be looking for the laws covering the matter which we can help them with.

Under the Limitations Act 1980 debts are statute barred in England and Wales if the debt is not acknowledged for a 6 year period after default (or 5 years in Scotland). By 'acknowledged' they mean payment plan agreed or written/provable acknowledgement of the debt.

If the debts are indeed statute barred then the owner of the debt is still allowed to ask you to repay the debt, but legal action can no longer be taken to enforce it and they cannot report the account to CRA's.

If your dates and information given are correct then the people trying to get repayments from you are within their rights to ask for the money but they are indeed chancers hoping to scrape the barrel for debtors who will pay them out of a feeling of moral duty or naievety to the law.

If you tell them the debt is statute barred and you have no intentions of paying it, there will be no further recourse for them and they will write the debt off.

If as your original posts suggest, you feel some moral duty to repay what is owed and you can afford to do so, may I suggest instead of feeding the debt collection wolves, instead make a small donation to a debt charity which could help give information and support to others going through what you did?

Alternatively if you have multiple debts with the same company you could try to bargain with them. For example:

---

[your name]
[your address]

[bank name]
[bank address]

Dear Sir or Madam

Without Prejudice

Account number: [account number]

I know I owe [accepted debt], but you have also written to me about [statute barred debt] which is now statute barred. I do not accept that I owe [statute barred debt] and indeed it is unenforceable, but if you would be willing to remove the default in respect of [accepted debt] I will consider paying [statute barred debt].

I look forward to your response.

Yours faithfully


[your name]
(don't sign)

---

Morally this might not be the best thing to do, but us consumers get screwed at every damn opportunity so why shouldn't we do the same...

matttye

lizziebabe wrote: »

So why has he been refused a credit card then?
He needs to check his credit reports. He has done this before so he knows what to do!
I did not intentionally intend to mislead anyone but it would seem that the OP had a chance in the past to sort out these debts as he had already looked at his credit reports but didn't do anything about it then. So has he deliberately left his debts so he could not be chased for them as the 6 years have lapsed and now he wants credit when they can be written off.
As I said he is not a good example for credit, but let's give him a chance. I think the idea of giving some money to a charity to others struggling is a good idea.

Could be a lack of credit history in the last six years or it could be more recent debts, but debts over six years old definitely won't affect his creditworthiness.

Unless lenders themselves keep their own records for longer than that; I have no idea about that to be quite honest!

rartherinv

Depending on how far OP's head was buried in the sand he could also have a CCJ he doesn't know about on there which takes 6 years from judgement to disappear from CRA's.

koooowweeee

So when I get a report (on a phone at the moment so can't really sort it out) and there are no debts on there or they are there but over 6 years and I can ask for them to be removed, but my score is that low that I can't get credit what do i do?

matttye

koooowweeee wrote: »

So when I get a report (on a phone at the moment so can't really sort it out) and there are no debts on there or they are there but over 6 years and I can ask for them to be removed, but my score is that low that I can't get credit what do it do?

Let me prefix this by saying only take out credit you can repay in full every month or you'll be in an even worse position than you are now. Also, try to tuck away some emergency savings that you can use to help pay back any credit due in the case of loss of employment.

I've been rejected for a current account recently but I've had no problem getting mobile phone contracts for the last few years, so maybe they are more easy to obtain than, say, credit cards.

Failing that, you could try taking out the Cashplus Creditbuilder prepaid card:

http://www.mycashplus.co.uk/cashplus-extras/creditbuilder/default.aspx

No credit check necessary and you pay £4.95 per month, which helps rebuild your creditworthiness as it's classed as loan. Again though, if you miss a payment this will get reported and you'll be in a worse position than before. That should be a last resort as you're effectively paying for nothing. With an actual credit card if you repay in full every month there will be no fees.

Take out a small overdraft with your bank?

koooowweeee

I know about if I do get credit and don't repay it ill end up worse.

I think ill have to check my report and then see what's what and if there is anything pay it then look into that cash plus card.

How long does it take to rebuild your score months? Years?

I've got a £1000 overdraft that I'm permanently in would paying that back help?

matttye

koooowweeee wrote: »

I know about if I do get credit and don't repay it ill end up worse.

I think ill have to check my report and then see what's what and if there is anything pay it then look into that cash plus card.

How long does it take to rebuild your score months? Years?

I've got a £1000 overdraft that I'm permanently in would paying that back help?

If your bank account is showing as up to date and no late payment markers then it wouldn't really enhance your credit report, but you should pay it back anyway for your own financial security as overdrafts are repayable on demand. You wouldn't want the bank to decide they want their money back and leave you with none would you?

Depends how bad a position you're in now. If you have defaults, your score will improve a lot once they drop off.

koooowweeee

Thanks allot for the advice.

Going have to start getting my act together now or I'm going to end up more sorry.

koooowweeee

Just one more lol

Where can I get a full detailed free report? Is it possible to get one free?

Not much point in just having a score

EDIT sorry make that two

All my post and when I apply from things says John but my actual name is John-Micheal that's what's on my birth certificate and my bank and the electrol register

Could that of messed things up

matttye

koooowweeee wrote: »

Just one more lol

Where can I get a full detailed free report? Is it possible to get one free?

Not much point in just having a score

EDIT sorry make that two

All my post and when I apply from things says John but my actual name is John-Micheal that's what's on my birth certificate and my bank and the electrol register

Could that of messed things up

Could've done! But as long you've put John on *everything* you've applied for it should all be on your report. If you put John on some things and John-Micheal on others it could have got separated.

Noddle credit report is free for life; Equifax and Experian offer you free trials but you must cancel within a month or you'll get charged (Experian's credit expert service is £15/month so remember to cancel!)

Alternatively it's £2 a pop to see your Experian or Equifax report (if you're not a member of their respective services).

Forgot to ask; are you on the electoral roll? In other words are you registered to vote? Not being on this can be harmful to your credit score.

Your no. 1 priority should be paying off that overdraft though. You should try to keep it to a limit you can afford to repay every month where you'll still have enough money for the rest of your monthly expenses even if the bank demands you pay it back.