1st Credit HELP!

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Welcome to the world of debt-selling, this seems to be proving an increasingly popular way of banks dealing with any kind of debt they can get off their books whilst re-couping money from more unscrupulous shark companies who'll buy the debt and whack a fresh set of charges and interest onto whatever the amount was.

My parents are going through the same with a very unhelpful bank (hint hint) over a private bank account they shut over 5 years ago, and have just been sent a letter from a DCA for about 600 quid. No knowledge that this debt ever existed, very close to the statute barred date, very vague with the prove-it response, the bank themselves refuse to discuss it as 'it's not their issue' any more.... there's a pattern emerging.

Seems to me banks are getting desperate for money again and are scouring account information as far back as they can get before they're statute barred, to see if they can dig up some debt to sell onto the sharkers and make a few quid off of.

Makes me wonder if the proverbial's about to hit the fan with them all again.

My advice for what it's worth, make it as awkward as possible for the sharkers to extract anything from you. As far as you're concerned, all debts were paid off and you were not made aware of any other debts surfacing all these years later. I'm tempted to say they're trying it on with as many people as they can to see who'll stump up and who'll fight back.

ScottieK1806

I have also been getting contacted by 1st credit. As yet I have yet to acknowledge them. They are trying to get money off my that was part of a bankruptcy in 2004. I was discharged in 2007. Should I respond to them?

fatbelly

ScottieK1806 wrote: »

I have also been getting contacted by 1st credit. As yet I have yet to acknowledge them. They are trying to get money off my that was part of a bankruptcy in 2004. I was discharged in 2007. Should I respond to them?

If you were declared bankrupt in 2004 and the debt pre-dates this, you should be safe to point out these facts to them.

Then report them if they do not give up and go away.

Groovatron

So i sent the prove it letter and towards the end of October received a reply from 1st Credit.

The reply simply acknowledged my letter and said they would contact Barclays for further information.

Im yet to receive a reply and i still have the default on my credit file

Whats the recommended next step?

Seems unfair i still have a default whilst their investigating!...

Many thanks in advance! :beer:

happy_bunny_2

If you class the prove it letter as a complaint, then if they have taken longer than 8 weeks you can refer to the FOS.

I would give the FOS a call to see get their take on this.

Groovatron

Thanks!

@fermi @fatbelly Either of you guys around to help too?

:beer:

fatbelly

Hi Groovatron

So we have:

Start date 01/05/2007
Default Date 30/06/2010
Assigned 09/12/2011

I know it's annoying to have a default on file but this might be accurate. Unless you are pretty sure that it's not your debt, or it was and it's paid off, I think I would leave things as they are.

BPF provided third party finance. I've met them in regards to timeshare arrangements and also on correspondence courses where the 'school' provides you with course material but gets their funding from BPF. I think technically it's known as a debtor-creditor-supplier agreement.

Does this ring any bells?

Groovatron

Thanks for the info!

It doesn't ring any bells but as originally stated it could well be possible.

So just to clarify, 1st Credit are entirely within their rights to hold the default on my file?

If the debt is statute barred are they able to hold the default in place?

Im desperately trying to improve on my credit score

Its frustrating!

Best
G

fermi

If it is accurate, they are entitled to record it. You can add a notice of dispute to your credit reports, but apart from that if 1stC refuse to removed then you have to go through complaint procedures and take to the FOS and/or ICO if you want action.

A default on a statute barred debt can remain legitimately for some months, as a default may not be applied until quite a few months after any last payment or acknowledgement or otherwise cause of action.

However, if this was statute barred then presumably it would have accrued in 2007 (ish) meaning that any default should have been applied within 6 months or so for most types of accounts. You quote 2010, which could be unreasonably late if this is a statute barred debt from 2007 or earlier.

In other words it's not the fact that a debt is statute barred that could mean that a default shouldn't be there, but that any more recent default date that allows it to be there could be inaccurate given the account history.

Groovatron

Thankyou Fermi!

What would you suggest the best way for me to move forward with this?