CC debt from 2003 is haunting me forever

cc321

Anyone around??

happy_bunny_2

Hi there,

So, Bryan says its on hold for now.

Lowell have your CCA request and have not responded?

Just checking...

If that's the case, just wait as until they produce a valid CCA they are screwed.

Whenever they write to you, just ask where it is and say no discussion until it and the statement showing breakdown of balance is received.

HB

cc321

Thanks happy bunny!

If I understand this process corectly, I still owe some money possibly but we can't clarify how much so I just have to sit and wait for a period of x amount of years? At what point can I start to fix my credit score?

sourcrates

cc321 wrote: »

Thanks happy bunny!

If I understand this process corectly, I still owe some money possibly but we can't clarify how much so I just have to sit and wait for a period of x amount of years? At what point can I start to fix my credit score?

Any default stays on your file for 6 years, after which, it drops off, I take it Lowells have not got back to you as yet ? they can take a long time sometimes, but you are lucky in a way that its Lowells that are dealing with this, because that tend not to bother with the niceties of correct paperwork, you need to post up any response you get from them, even if they provide you with the correct paperwork, chances are it will be defect in some way, I will subscribe to this thread as id like to see what they send you.

lazer

OP - you know these debts are genuine, you know you run up th ecc debt back in 2003 onwards etc etc.

You owe the money - you took out these agreements in good faith, agreed to the interest etc, then decided to stop paying them.

I suggest you make both companies offers to pay around 50% and see what happens - please do not try and wangle your way out of paying anything - this will not help you learn not to get in such a financial mess again.

sourcrates

lazer wrote: »

OP - you know these debts are genuine, you know you run up th ecc debt back in 2003 onwards etc etc.

You owe the money - you took out these agreements in good faith, agreed to the interest etc, then decided to stop paying them.

I suggest you make both companies offers to pay around 50% and see what happens - please do not try and wangle your way out of paying anything - this will not help you learn not to get in such a financial mess again.

These are the same financial institutions that had to be bailed out by the tax payer a few years ago to the tune of billions of pounds, i`m sorry but I don't see any bankers been taken to court for non payment, yet ordinary people are left to deal with the fallout from bad financial management, I know whose corner I would fight !!!

happy_bunny_2

cc321 wrote: »

Thanks happy bunny!

If I understand this process corectly, I still owe some money possibly but we can't clarify how much so I just have to sit and wait for a period of x amount of years? At what point can I start to fix my credit score?

As sourcrates says, 6 years from default they are gone.

Save a copy of your report with the defaulted entry.

Sometimes DCAs re add them, but can be removed via a complaint.

Hanky_Panky

sourcrates wrote: »

These are the same financial institutions that had to be bailed out by the tax payer a few years ago to the tune of billions of pounds, i`m sorry but I don't see any bankers been taken to court for non payment, yet ordinary people are left to deal with the fallout from bad financial management, I know whose corner I would fight !!!

Don't really understand why my last post on this was removed - getting really silly on this board it seems.

To re-state - this is a really lazy argument to justify non payment and as most people understand and accept it was not the retail arm of banks that caused the problems which this loan will belong to.

Stewart_78

The problem being that mostly the banks have taken the hit and sold on the debts to DCA's. So you can't actually pay back the original debt as it doesn't exist any more. What you are doing is creating a profit for the DCA who bought the debt for pennies in the pound and is now in the business of making some money.

What happened was that the banks looked at their debt book, drew a line at the point they considered to be 'bad' and asked the tax payer to cover them, which we did. They then sold that loan book off for whatever they could get for it.

Clouds the moral argument a little. Anyway, after the way the banks have treated me personally (rate jacking, ridiculous fees etc. ) I have no sympathy at all and will try to get away with paying as little as possible.

I've got all my defaults in place as of 2010 after a lengthly battle with BARC and then CABOT and my next move is to leave Payplan, CCA the lot and stop paying until they can come up with what I am legally entitled to.

Remember the banks knew they had been ripping people off with PPI etc. but it took the government to legislate before they would start compensating people.

I owe some real people money and I will pay them off, every penny. But not a bank. I will treat them as they have treated me.

sourcrates

Stewart_78 wrote: »

The problem being that mostly the banks have taken the hit and sold on the debts to DCA's. So you can't actually pay back the original debt as it doesn't exist any more. What you are doing is creating a profit for the DCA who bought the debt for pennies in the pound and is now in the business of making some money.

What happened was that the banks looked at their debt book, drew a line at the point they considered to be 'bad' and asked the tax payer to cover them, which we did. They then sold that loan book off for whatever they could get for it.

Clouds the moral argument a little. Anyway, after the way the banks have treated me personally (rate jacking, ridiculous fees etc. ) I have no sympathy at all and will try to get away with paying as little as possible.

I've got all my defaults in place as of 2010 after a lengthly battle with BARC and then CABOT and my next move is to leave Payplan, CCA the lot and stop paying until they can come up with what I am legally entitled to.

Remember the banks knew they had been ripping people off with PPI etc. but it took the government to legislate before they would start compensating people.

I owe some real people money and I will pay them off, every penny. But not a bank. I will treat them as they have treated me.

I have to agree, if DCA`s went about there business in a more professional and polite way, instead of coming at you with threats of court action, taking the kitchen sink etc, then more people may engage with them, on a purely personal level I would never pay any DCA, unless I was left with no other choice, simply because of the nature of the way they ply there trade, even then I would duck and dive and challenge them on everything in order to pay as little as possible, you can take as much moral high ground on this matter as you like Lazer, and others, but that is my opinion of these people and I would guess im not the only one.