Pay Down Or Not To Pay Down

SpongebobsMum

RE: Pay Down Or Not To Pay Down

hello there,

i wonder if someone can offer me their advice and/ opinions?

• I have some debts that are over 7 years old
• All are under £600 individually
• They are all in debt collection and do not incur interest
• I am not in a position to pay anything other than a minimum token payment at present

My question is, should I pay these debts? Should I make token payments at all?

I have always been advised to do so because it is proof of ‘good intention’, but:

• once I pay a debt (or even contact a creditor with information) I accept liability. If I do not accept liability and the debt is unclaimed for seven years, the debt becomes statute barred and is not reclaimable.
• any increase in my credit score will not help me currently
• the balance of many of the debts has been wildly increased by (imo unfair) charges. When and if I do pay the debts, i’m likely to get a much reduced rate with a single cash settlement

tia, Chris :beer:

double_mummy

No

its 6 years for being statute barred

how long is it since they were defaulted or you last made a payment or an acknowledgement in writing?

if they are OVER 7 years old and not statute barred it might be worth doing a CCA request on each of them as they are unenforceable if they dont have the original agreement

SpongebobsMum

double_mummy wrote: »

its 6 years for being statute barred

how long is it since they were defaulted or you last made a payment or an acknowledgement in writing?

if they are OVER 7 years old and not statute barred it might be worth doing a CCA request on each of them as they are unenforceable if they dont have the original agreement

sorry for the late reply. thank you, that is just what i needed to know. will contact creditors with a cca request. thanks! :beer: