Should I pay a debt not showing on credit report?

Sprint955

Hi! New to the forums, so please be gentle with me.

Essentially, I took out a loan with Citi Financial about 8 - 9 years ago, but when my circumstances changed 7 years ago I stopped making the repayments. The debt was passed to 1st Credit and they've been chasing me ever since through a number of adresses, but I've buried my head in the sand and never replied to their letters.

Their last correspondance was offering me the chance to pay off the loan with a 10% payment to clear it. So £530 would pay off the £5300 I owe. A good deal I thought.

Before doing that though, I've got statutary credit reports from Expirian and Equifax - just out of curiousity, and the debt is not listed on either.

So my question is ... what should I do?
If i get in contact with 1st Credit will this open up a whole can of worms?
Has the debt been cleared because it is not on my credit report? Can I still be chased?
Now that everything on the credit reports, other than having a high number of adresses over the last 5 years, is really good, do i have 'good' credit?

Please advise me - thanks in advance

fermi

Having dropped off your credit report does not mean it is not owed, but f you have not paid or acknowledged the debt in writing for over 6 years, the debt may well be statute barred.

See the info and links to factsheets here --> https://forums.moneysavingexpert.com/discussion/2606811

MrSilk

Statute Barred

Sprint955

Thanks Fermi and Mr Silk.

So if the debt is Statute Barred, is there any obligation on me, or any benefit for me to either pay it, or get in contact with the collector?

fermi

If you are in England/Wales, the debt still legally exists in a technical sense, but just cannot be enforced against you. And if fallen off your credit file, it cannot be put back one again. So if truly SB then there is arguably no real benefit in practical terms for paying it.

Bear in mind that the collector who bought the debt will have done so for a few pence in the £, and no matter what you should pay a debt collector the original creditor you borrowed from will never ever see another penny.

Main thing is to be sure it is statute barred before you take any action (or inaction). I would give National Debtline a ring on freephone 0808 808 4000 to double check their take on it.