Looking for advice on getting rid of my debt

Ash84uk

Hi all,

Well a little bit about me first of all, I'm Ash, 29 and work in the dental industry.

Long story short I got into a very very bad way with debt 10 years ago or so which lasted a good few years. It all started with a call from Liverpool Victoria who said "Hi, would you like £9,000". Being a 19 year old who'd just passed his driving test I absolutely did want £9,000!

Anyway, a bucket load of credit cards and loans later I was some 18k in the hole and earning £13,000 a year.

Cut to a few years later and most of the debt has gone and there's a bit left but I went to university and just ignored it all to be honest. Not ideal but hey, it worked for me.

Anyway, outlined below is a list of my debts. In real terms I'd like to repay these off for a little as possible and I won't beat around the bush, if I can get off paying them at all I absolutely will, for that I am not ashamed.

£145 14/04/2008 £477 02/10/2008 £319 12/10/2008 £394 07/11/2008 £375 23/01/2009 £781 30/01/2009 £219 14/09/2009 £287 17/05/2011 £92 12/01/2013
£3,089.

The above is a complete list of my debts and the default dates. Now at some point in the future I'd like to buy a house. Given that there are pretty much six years of solid defaults on my credit record obviously there's a long road ahead! My finances are in pretty good shape right now.

The debt from 2013, it's a Virgin account, I didn't even know it was outstanding until I got a noddle/experian/Credit Expert account.

I'll just pay that and the one from 2011 off (Although I'm tempted to offer a reduced payment for the 2011 one, it's not being chased and is registered to Hoist Portfollio 2 but can't find contact details for them).

As for the rest, I was wondering if anyone could advise what kind of offer to settle I could make and what is likely to get accepted?

I would very much appreciate your advice.

Sincere regards

Ash

Tixy

Hi

You understand that each debt and default will fall off your file 6years after the default date on your file?

The earliest one (and the next few) do you know when you last paid anything towards these debts?
Any chance that any could be statute barred? That would be my first step.

Next step for others I'd ask the creditors to provide proof of the alleged debt.

The old ones you will probably find they will accept a reduced settlement - you need to make any settlement offers in writing. National debtline do a good factsheet on making offers and what to ask for.

The 2013 virgin account - why were you not aware? had you moved house? did you think it was closed? might be worth trying to negotiate to pay it in return for them agreeing to remove the default (its unlikely but worth a shot).

Finally - are you certain these are all your debts? or have you just got this list from a combination of your different agency credit reports?

Ash84uk

Tixy wrote: »

Useful words

Hi Tixy, thank you for the reply.

Yes I'm aware that they'll be taken off, I'd listed the default dates (on my spreadsheet next to these is the dates they'll be taken off). By Sept next year it will just be two satisfied account with a couple of years of regular phone payments so my credit record should be slightly improved.

So far as I understood it they could only be statue barred six years from the date of last contact and most of them are still being chased (I honestly dread to think how much these companies have spent on P&P over the last six years!).

I am planning on sending a CCA request before I offer a settlement. I suspect that at least a couple of them will not be able to provide such a document.

The Virgin one, I'd moved house and just forgot about it to be honest. They phoned me once and I said I would pay them in a couple of weeks when I got paid and just forgot and they've never contacted me since.

I'll have a look at the national debt line, do you have any suggestions as to what I should be offering?

Thanks again for your help

Ash

Tixy

Statute barred is 6years from the date you last paid, or wrote to acknowledge the debt (assuming they haven't taken court action). Them writing to you doesn't count as a 'action' in terms of the date the debt becomes statute barred.

I'll have a look at the national debt line, do you have any suggestions as to what I should be offering?

If not statute barred (and not going to be soon) and if they can provide the correct paperwork then I'd probably eventually start with an offer around 25% for the old debts. Although expecting to probably settle at a higher %.

Ash84uk

Tixy wrote: »

Statute barred is 6years from the date you last paid, or wrote to acknowledge the debt (assuming they haven't taken court action). Them writing to you doesn't count as a 'action' in terms of the date the debt becomes statute barred.


If not statute barred (and not going to be soon) and if they can provide the correct paperwork then I'd probably eventually start with an offer around 25% for the old debts. Although expecting to probably settle at a higher %.

Very interesting! I actually got a letter a year ago or so from another debt where they basically said "Alright we give up, we won't contact you again".

I suspect that's why a couple of them are ramping up the attempts to claim (I've just had a "scary" letter from the £319 in Oct 2008). I have not spoken to or acknowledged any of these debts/DCAs since the date of default (And in truth very likely a few months before that date).

This being the case I think I'm just going to leave all of the debts from 2008 and 2009. The one in late 2009 is a BT debt and they have not sent me a letter about it in at least 3 years.

So basically, pay off the debts from 2011/2013.

For the rest.

1. If no actual court action to be taken just ignore
2. If actual action going to be taken request CCA
3. If CCA provided negotiate settlement
4. If CCA not provided, politely tell them to go away.

Seems pretty awesome to me!

National_Debtline

Hello there,

Here's a link to our full & final settlement fact sheet: https://www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx

One benefit on offering a (low) settlement on a debt which is likely to be unenforceable is that you can make it a condition that the debt is marked as satified on your credit file. Whilst it may still show on the file as a partial settlement the creditor (or dca) should change the balance to zero.

Very best wishes,

David @ NDL.

Skinnylatte

If your finances are in good shape now, why do you not just pay what you owe?