Substantial debt has gone missing

RichardBailey1976

Hi All,


Here is the info, Need a bit of advice from you lovely people. Currently my wife and i have a combined debt of 23k, Went through my review recently with Stepchange and noticed that this had dropped to about 13k, Did a bit more digging and found that one of my debts originally incurred with Egg had dropped off in May 2013, I contacted Step-change and they confirmed the debt had been sold on from ARC Europe to Marlin Financial services. I have the details but in the 6 months since this has been handed over, I have heard nothing, No phone-calls, No Letters, I didn't even get a letter from ARC to advise they were selling it, ARC did let Step-change know that the debt was being passed on, But they didn't let me know.

Now the question is, What do i do next, I intend to pay it(as i run the debt up) However I'm wondering the best course of action, From what i can see, The moment people call them,Turns into a bit of a nightmare, Should i send them a CCA?

Any advice is greatly appreciated.

thebritishbloke

I might be incorrect about this, but I think they have 6 years from when your original debt was incurred to claim this back from you. Depends if you want to do the honest thing, or just wait them out and let them find out their mistake. You're not doing anything illegal if they don't contact you.

hummingbird

A possible course of action may be to pay off your other debts first, the ones who are still actively pursuing you,( if you have others to pay) whilst keeping this one that's gone silent on the back burner. Then when you are in a better position and can make a full and final settlement offer to them you could contact them at that point?

I'm not saying this is the right approach as I'm no expert on this - just that I have a slightly similar situation in that one of my creditors who i owe a few hundred to has been silent for nearly a year and I'm looking forward to paying them when some of my more persistent creditors have been paid off!

happy_bunny_2

Someone will write to you eventually. Just wait.

RichardBailey1976

My situation has changed slightly in the fact that me and my wife are going through a separation, on checking on all of our debts, This particular debt is the only one left of mine. Ive signed up with a online credit score company to see if this showing up as "settled" and cant see it at all, Want to get it sorted but am aware the debt is old, Taken out around 2003 so not sure what that means in respect to the 6 year rule etc. Need to make sure as there is a natural conclusion, However thankfully in a position where i can say im nearly debt free after 10 years.

happy_bunny_2

It falls off your file 6 years from default date.

Start date is only useful if you can't pay as from then they would need a signed agreement to get a CCJ if defended.

If you haven't paid or acknowledged in writing for 6 years then it's statute barred.

tinkerbell28

happy_bunny wrote: »

It falls off your file 6 years from default date.

Start date is only useful if you can't pay as from then they would need a signed agreement to get a CCJ if defended.

If you haven't paid or acknowledged in writing for 6 years then it's statute barred.

I imagine if he's on a DMP, who have been in contact/paying off the debt, it won't apply.

So just wait op.

MikeBrown123

I'm sure they will contact you to pay it... just you wait!

if it was me, I would put money aside to cover it, but dont approach them to remind then that you owe it. worst case scenario they contact you to pay it, and you will be able to pay with the cash you have been putting by, best case scenario is they forget and you save £10k... cheers!

RichardBailey1976

Well i have tracked it down, Its currently sat with Marlin Financial Services. Now i do have some money put aside for a rainy day, What im thinking is i could make these cowboys a offer, Over the years my creditors have contacted me regarding "deals" to pay it off at a massive discount, I take it there would be no adverse effects to my credit file if i did this kind of deal, It would still show as settled? i presume.

somethingcorporate

Yes, although I presume this is in default already?

happy_bunny_2

RichardBailey1976 wrote: »

Well i have tracked it down, Its currently sat with Marlin Financial Services. Now i do have some money put aside for a rainy day, What im thinking is i could make these cowboys a offer, Over the years my creditors have contacted me regarding "deals" to pay it off at a massive discount, I take it there would be no adverse effects to my credit file if i did this kind of deal, It would still show as settled? i presume.

Partially settled probably rather than settled. For the discount, I'd go with partial.

National debtline have a full and final offer template.