Keep debt correspondence - forever!!!!

Rebel_without_a_care

Hi, just wanted to share an experience so that others may not be caught by the same problem.

A few years ago my daughter got herself into financial trouble, so together we contacted all the companies, explained she her circumstances and negotiated settlement deals.

Everyone was happy, debts were paid and that was that - OR SO WE THOUGHT.

3 years later she receives a letter from a debt collection agency looking for...... the amount of debt written off when the settlement was agreed! Then only weeks later she receives another letter from a different debt collection agency for the written off debt from another company.

Franticly we hunted for the all important letter confirming the settlement agreement - luckily I'm a bit hoarder with receipts etc and we found the letter so could prove that she did not owe anything but without this letter it could have been her word against theirs.

So please keep all the correspondence from any deals negotiated with debt collection companies, until at least you are passed the statute barred limit

oldsmokie

Completely agree and remember that making a payment restarts the statute barred clock. You need to keep correspondence for six years for most debts and 12 years for some property related debts. I'd add an extra year on to both for safety and never throw anything away related to tax.

OneLife_OneShot

I print out my credit report from Noddle each month, my CC statement and my Experian every 2 months. Also have copies of all the terms and conditions of my bank and CC.

I even print out the statement of my default every 6-8 weeks and keep it with the DD agreement so if they try to say change anything or add a charge I have it in writing to keep myself right.

You can never be too careful.