Need help repairing credit report

siper101

I was 18 and stupid. I took out multiple phone contracts, credit cards, media accounts and when I got bored of them I stopped paying. I went through a dark period where I lost my job and and my ability to pay pretty much any bill for 18 months. Now, several years later, I'm better off, level headed with a well paid job and stable income once again - and a heck of a poor credit history to deal with. I have about £5000 of debt and now enough money to pay the lot off in one go. But before I do I need advice on how to approach my debtors to pay the debts, and what I should be asking for as proof. I want to have a mortgage by the time I'm 30, which is 6 years away, and im currently well on top of all my bills, haven't missed a payment for the last two years on the debts of my "new" life, but obviously my "old" life is lingering, and although I am now in a financial position to deal with all that once and for all, when I'm finally out of debt how do I go about repairing my credit report so I can achieve my future goals?

Thanks in advanced for any advice you can provide.

SeanG79

Have you had a look at which accounts are showing on your credit files with the 3 CRA's and who currently owns the debts and what their current status is (default, etc.)?

Tixy

Hi

Are you currently being chased in relation to these old debts?

It is likely your debts may well have been sold to debt collectors. In terms of getting them to prove you owe any particular debt this letter may be useful. Letter when you know nothing about about the debt - AKA "Prove it" letter

You also may want to consider full & final settlements on your debts. If you do, then this then this factsheet and template letter will be useful - do get any full & final settlements agreed in writing before you pay. https://www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx

Finally - it sounds like some of your debts may be nearly 6years old? if so are you aware of the limitation act and statute barred debts? If there is a period of 6years where
- you pay nothing towards a debt, and
-do not write to acknowledge the debt, and
-the creditor does not commence court action

then the debt would be statute barred and you are not legally required to pay (if you are in Scotland the law is different and it is 5years).
Statute barred debts and the Limitation Acts

siper101

SeanG79 wrote: »

Have you had a look at which accounts are showing on your credit files with the 3 CRA's and who currently owns the debts and what their current status is (default, etc.)?

Hi, I haven't no, I'm literally at the point now where I have the money, but I'm not sure how to go about paying everything off, I don't know who owns all the debts, Lowell have two, one of which I am actually paying a small amount towards, the other I've yet to acknowledge. I'm not sure how I'd find out where to pay the money too, I've been hiding myself for some time so I don't know the status of some of them.

They're not older than 6 years, though it's getting close. But I'd sooner pay off the money I owe now I have it than take further hits on my credit.

SeanG79

You can get statutory reports from Experian and Equifax for £2 and Noddle (Call Credit) is free.

Once you have your credit reports you can see who currently owns the debts and what the status is for each debt.

Once you know the debt status and who owns the debt, you can send them CCA/SAR requests, where you can reclaim penalty charges that may have been added to the accounts, to see what in fact the outstanding debt is.

Debts that are with DCA's like Lowell, you can look to negotiate full and final settlements, etc. (make sure you get written confirmation of full and final settlement offers before you make any payments).

siper101

SeanG79 wrote: »

You can get statutory reports from Experian and Equifax for £2 and Noddle (Call Credit) is free.

Once you have your credit reports you can see who currently owns the debts and what the status is for each debt.

Once you know the debt status and who owns the debt, you can send them CCA/SAR requests, where you can reclaim penalty charges that may have been added to the accounts, to see what in fact the outstanding debt is.

Debts that are with DCA's like Lowell, you can look to negotiate full and final settlements, etc. (make sure you get written confirmation of full and final settlement offers before you make any payments).

Ok thanks for your help I'll get started on this right away.

Tixy

Something to be aware of - when you obtain copies of your credit reports this can cause creditors to start chasing you again for old debts (because you provide/confirm your current address).

So may be worth waiting a couple of weeks to see what you get in the post before contacting the creditors listed on file.