1st Credit Ltd offering to pay 95% of debt. Advice?

shakey1961

Hi, need a little advice please.

I have had 1st Credit Ltd sending me letters over many years over a debt I had from a bank which is over £1k. Nothing has really come of it, and I seem to have been able to ignore the letters, mainly as I had no hope of repaying it.

Last December 2013, I received a letter from them saying if I was to pay 10% then they'd pay the remaining 90%. Asking a few friends advice they told me not to pay anything, which is what I did.

Last week I received another letter saying if I now paid just 5% they would pay 95% of the debt.

I am very tempted to pay the 5% as on the face of it, this would get rid of the debt, and stop having 1st Credit on my back sending me letters.

They have said this offer is only available till the end of March.

The original debt (overdrawn bank account) is over 10 years old.

What do people think?

Many thanks for your advice.

chevalier

If you have never paid any money NOR acknowledged the debt in the last 6 years, then I believe that debt is statute barred, as in it isn't legally enforceable, so legally you don't have to pay anything back. But someone with more knowledge will be on shortly
chev

wannabe_credit_free

Agree 100% with Chevalier. Your creditor cannot enforce this debt...

fermi

Either ignore, or send the 1st letter in this link -> https://forums.moneysavingexpert.com/discussion/2606811

100% off and them getting lost is a better deal.

sourcrates

shakey1961 wrote: »

Hi, need a little advice please.

I have had 1st Credit Ltd sending me letters over many years over a debt I had from a bank which is over £1k. Nothing has really come of it, and I seem to have been able to ignore the letters, mainly as I had no hope of repaying it.

Last December 2013, I received a letter from them saying if I was to pay 10% then they'd pay the remaining 90%. Asking a few friends advice they told me not to pay anything, which is what I did.

Last week I received another letter saying if I now paid just 5% they would pay 95% of the debt.

I am very tempted to pay the 5% as on the face of it, this would get rid of the debt, and stop having 1st Credit on my back sending me letters.

They have said this offer is only available till the end of March.

The original debt (overdrawn bank account) is over 10 years old.

What do people think?

Many thanks for your advice.

1st credit are the biggest chancers in the DCA world, the clue here is the mahoosive discount they are offering you, this should set alarm bells ringing, ask yourself this, if they could enforce this debt, why offer such a hugh discount ?
100% statute barred, and they know it, you know what to do lol !!!!!!!!!

thecassman86

Agree with everything said above.

If 1st Credit truly believed you were liable for the debt then they'd demand you pay 100% (why wouldn't they??). The fact that they're only asking you to pay 5% shows that they don't believe it's enforceable at all and trying their luck.

Most people will be tempted by paying 5% of a debt and will just do it - even though legally you have to pay nothing. Send off the letter