debt owners

Debt2Null

Hi Guys,

So, I'm trying to sort my credit rating out. I have requested for and had a look at my Statutory Credit Report.

Now, do I contact the bank and own up to a particular debt so I can start paying it off, even though its almost 6 years now for one debt? The debts has been defaulted on.

Basically, what should be my first point of action?

All and any replies will be greatly appreciated.

N.B: How bad is it if I post my credit rating report? Considering that all the personal details will be omitted of course.

In total, my debt is less than 2000 GBP. But my goodness, the damage it is doing.

Once again, all replies appreciated.

DCFC79

Its a personal choice if you contact the bank and own up to a particular debt, if you do you will re-start the 6 year clock, how far off is it the 6 year mark ?

forgotmyname

As long as you delete any personal data then posting the report wont be an issue.

Just triple check all data is removed. Got someone there to make sure you have not missed anything?

If its almost 6 years and they have not taken legal action then it maybe close to falling off your file anyway.

The only issue is if you ever need to use that bank again.

Debt2Null

DCFC79 wrote: »

Its a personal choice if you contact the bank and own up to a particular debt, if you do you will re-start the 6 year clock, how far off is it the 6 year mark ?

Well, from the report. One of the debt is couple of months from the 6 year mark. While the other appears to be over a year - 2017 to be specific. Thing is though, they are both from the same bank. One is overdraft from student account (1200 GBP; 2017) the other is credit card (350 GBP, couple of months).

One report from Call Credit, the other from Equifax. Tried doing a 3rd from Experian, but obtained the attached message.

I really want to start paying it off. I was out of the country and steps I ha in place to handle monthly payments did not work out.

Debt2Null

forgotmyname wrote: »

As long as you delete any personal data then posting the report wont be an issue.

Just triple check all data is removed. Got someone there to make sure you have not missed anything?

If its almost 6 years and they have not taken legal action then it maybe close to falling off your file anyway.

The only issue is if you ever need to use that bank again.

Well it's Natwest. Does this mean I'm banned from them?

Also, if it's not after 6 years. Will this be equivalent or the same as paying the dept off?

Also, how do one negotiate a (lower) payment with a 3rd party that has bought your debt? Seeing as the debt was bought at a very low price anyway.

forgotmyname

No, waiting for it to be statute barred wont be the same as paying it off. Technically you still owe the money. Its just a case that they cannot take you to court to make you pay it.

Some lenders may refuse to deal you again, although some may still wany to do business with you again in the future.

I had issues some time back with MBNA and Capital One credit cards, They have both sent invites to apply for another card, saying they know how hard it is to rebuild your credit. They obviously have not checked my file because my credits fine. I just didnt pay them because they were unhelpful at the time.

I waited for the debts to get sold on then sorted it.

As it nears the 6 year limit they normally send offer to settle the full amount for a discount. This will vary depending on how much they think they can get from you. Settling for 30% should be easy. Possibly much less. If you knew what i owed and my settle offer you would laugh.

But i would have gone bankrupt if i had to, and they had nothing to gain if i did. Not a penny would they have received.

Debt2Null

Thanks lot forgotmyname.

I now have a better understanding of this.

Moving forward, it is much better to pay off the debt than to allow it attain the statute barred status.

So, this would mean accepting ownership of the debt. Would calling the credit agencies whose report I have be a way of taking ownership of the debt?

To conclude, would everyone advise that I should start calling them (debtee) and talking about settlement amounts? A solution to clear the debts basically.

Finally, any tips on getting a low settlement amount?

Thanks so far for you replies. More appreciated.