Paying debt collection agencies

marko1984

Hello to all. I have a question and hope someone can give me some good in depth advice about old debts from years ago that were sold to debt collection agencies, and for years they have hounded me into paying a fee that is at least 10X the amount of my original debt from the two catalogue companies and one bank. my question is this. Do I have to pay the full extortionate amount that it would take to settle these debts ? and if not what kind of strategy should i be using, as i would like these past mistakes wiped off my credit history.

For those who would like a bit more info with detail here it is.
1ST CREDIT £374 for an unpaid overdraft from 2007 with halifax that was £100 in the red, then halifax added £20 or £30 penalty each month before passing it to 1st credit.

LowellGroup £145. from a catalogue account I let get in arrears because i was absolutely skint during this period of my life. the sad thing is i only had £15 left to pay on my account, where the other £130 came from i don't know.

Studio catalogue (debt collection agency not listed on credit report) £590. This is the the most sickening debt of all,that started my stubbornness with these agencies due this ridiculous inflation that gave me the "I aint paying them" attitude during my youth, and then burying my head in the sand for the last 7 years. I only owed £60 on this account as well.

All debt is from 2007 while i was penniless and naive. I Am now willing to pay, but hopefully not these extortionate amounts.

I have been offered a £40 reduction by Lowell Group. i have spoken to 1st credit and they want me to send them a form detailing my income and outgoings, people who live with me and there earnings and my settlement offer. I was going to leave everything blank as i don't believe they have any right knowing these personal things and just writing my offer which i was going to put as half of the valuation of my debt.

As for the £590 studio debt I have no Idea who owns my debt. I contacted studio and I have not heard anything back.

All these debts are killing my credit score and i want them gone, Any help would be much appreciated thank you.

Also, is it true that these debts do not show up on a credit file after being in a default state for six years ?. Thank you.

sourcrates

If you have not acknowledged or paid a debt for a continuous 6 year period, it becomes statute barred, which means the creditor cant take you to court to obtain a CCJ, are all the debts of this age ? if so, and you've not acknowledged them, send them all the SB letter, available here :


https://www.nationaldebtline.org/EW/factsheets/Pages/25%20EW%20Time%20limits%20for%20recovering%20debts/Default.aspx

marko1984

They are all the same age, but some have different default dates, between 1 and 3 years years bizarrely.

Also, after these drop off my credit history, will it still linger within my credit score if unresolved, or has the damage already been done, and it is now a case of rebuilding it ?. Thank you.

sourcrates

Once an account defaults, the creditor can record the default at any time, although they are supposed to record the actual date of default, sometimes they don't !! after 6 years they will drop off your credit file as thought they were never there.

marko1984

This is weird, i have my halifax debt listed below the people they passed it over to, yet the halifax one shows no default status, yet 1st credit do ?. I copied and pasted it below.

Current Account from 1st Credit Ltd (I) / XXXXXXXX96-3
Name Mr Max power Date of Birth 22/06/1984
Terms 0 @ £ 0 (Monthly) Status Defaulted
Current Balance £ 372 Start Balance £ 0
Credit Limit £ 0 Default / Delinquent Balance £ 372
Start Date 28/09/2007 Date Updated 18/10/2011
Date Last Delinquent Date Satisfied
Default Date 25/11/2008
Payment History
J F M A M J J A S O N D
2008
Current Account from Halifax (Current Accounts) (I) / XXXXXXXXXX96-3
Name Mr Max power Date of Birth 22/06/1984
Terms 0 @ £ 0 (Monthly) Status Transaction not received this month
Current Balance £ 372 Start Balance £ 0
Credit Limit £ 0 Default / Delinquent Balance £ 372
Start Date 28/09/2007 Date Updated 11/08/2010
Date Last Delinquent Date Satisfied
Default Date

marko1984

Mail Order Agency from Express Gifts - Studio (I) / XXXXXXXXXXXX4305
Name Mr Max power Date of Birth 22/06/1984
Terms 0 @ £ 0 (Monthly) Status Defaulted
Current Balance £ 590 Start Balance £ 0
Credit Limit £ 0 Default / Delinquent Balance £ 590
Start Date 24/07/2007 Date Updated 21/04/2009
Date Last Delinquent Date Satisfied
Default Date 06/04/2009

sourcrates

marko1984 wrote: »

This is weird, i have my halifax debt listed below the people they passed it over to, yet the halifax one shows no default status, yet 1st credit do ?.

Hi,
That's because 1st credit are the new owners, and responsibility now rests with them for recording your account status, I assume Halifax have sold it on yes ?

marko1984

I have sent all three of these debt collection agencies emails, asking them on a settlement price. is this an acknowledgment of debt, and have i just made things worse, or does an email hold no value, as they cannot prove it was me who sent it. I only told them my name address and email address and quoted lowell my account reference number that was within a letter.

marko1984

sourcrates wrote: »

Hi,
That's because 1st credit are the new owners, and responsibility now rests with them for recording your account status, I assume Halifax have sold it on yes ?

Yes, but it is still showing on my credit report, and the last update was 2010.

sourcrates

marko1984 wrote: »

I have sent all three of these debt collection agencies emails, asking them on a settlement price. is this an acknowledgment of debt, and have i just made things worse, or does an email hold no value, as they cannot prove it was me who sent it. I only told them my name address and email address and quoted lowell my account reference number that was within a letter.

Well if yopur willing to settle that's up to you, I doubt they will respond to you via email, my guess is they will ask you to ring them, don't !! make any offer in writing, and if they agree to your terms, get it in writing also. !!

harveybobbles

CCA the lot of them!