Need advice, debt sold after 5 years 5 months

Needhelp14

Hi guys,

Quick bit of advice needed, I had a debt with lowell that I was paying, however last couple of months i skipped payments, it is close to the end, it will have been 6 years at the end of this year.

However today, i find out they have sold the debt on to fredrickson for the remaining amount.

My question is, does it still become barred after the 6 years, so at the end of the year, or does the 6 years start again? Because the debt is almost 6 years old and its the same debt...

Fridge03

I believe (although I'm sure someone more in the know will correct me) that it will only become statue barred after 6 six years of no contact or payments?

The fact you have been paying them means that the 6 years will start from the last payment/contact you made?

Needhelp14

hmm with lowell my credit score still says "report until" this year, meaning that it will clear off.

I thought it dropped off regardless of paying, paid, money owing, ignored etc?

SeduLOUs

Yes, it will drop off your file so other people won't see it but they will still be able to pursue you for it.

Needhelp14

I think this clears up what you said - http://forum.annualcreditreport.co.uk/discussion/202/default-balances-after-6-years#.U9dmUjWMGCQ

The debt defaulted in 2008 so even though i paid it should still drop off with X amount left owing.

But my question is, they have sold the debt now, so will the debt become active again? Or have they only got a few months they can try chase me for it? What should I do with the new company chasing me?

Needhelp14

SeduLOUs wrote: »

Yes, it will drop off your file so other people won't see it but they will still be able to pursue you for it.

Thanks I am just worried the new company are going to put something on my credit file thats going to last another 6 years?

HappyMJ

Needhelp14 wrote: »

Thanks I am just worried the new company are going to put something on my credit file thats going to last another 6 years?

No it won't be 6 years. They may add themselves as creditor and the Lowell entry may not be updated on time so you may have two entries for a month or two regarding the same debt.

Needhelp14

HappyMJ wrote: »

No it won't be 6 years. They may add themselves as creditor and the Lowell entry may not be updated on time so you may have two entries for a month or two regarding the same debt.

Thats exactly what i needed to know Thank you!

I am not fussed about having 2 entries for a few months as I know my credit file is not going to be fixed until the middle of next year anyway.

Also, as a precaution, should I make minimum payment to them to stop them filing for a CCJ before the 6 years? Not sure if they will?

SeduLOUs

Needhelp14 wrote: »

Also, as a precaution, should I make minimum payment to them to stop them filing for a CCJ before the 6 years? Not sure if they will?

You need to continue to pay them. Your debt isn't statute barred because you have been making payments.

Even though the debt will fall off your file (and stay off if you clear it) they could still obtain a CCJ after the 6 years are up which will then appear on your file if you stop paying.

Needhelp14

SeduLOUs wrote: »

You need to continue to pay them. Your debt isn't statute barred because you have been making payments.

Even though the debt will fall off your file (and stay off if you clear it) they could still obtain a CCJ after the 6 years are up which will then appear on your file if you stop paying.

Ah, thanks for the advice, I will just carry on making payments, its dropping down pretty quick anyway