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Very old debt but been paying it...what to do?
mumof2boys77
Posts: 15 Forumite
Background....
I had a Bank of Scotland account opened in 2003 with an overdraft.
Basically I went through a bad spell and was a gambling addict and I got in a mess. I went in to the branch back in 2005 and told them this. I asked for a refund of a few charges as I had nothing to live on and asked if they could help me. I told the manager I was a gambling addict (accept full responsibility for my actions) anyway I had an agreed overdraft or say 3k and one night I hit rock bottom and started playing Jackpot joy it authorised my card by a further 2k even though i did not have money in my account and my overdraft was only authorised for 3k. So i wake up the next morning with a debt to the bank of 5k
.
Anyway this defaulted in 2005 with the Bank of scotland. (has since been removed from my credit file with no trace of the bank on any of my 3 files) I only have the details through a very old paper copy I requested many years ago.
The debt was referred to cars collection then on to Capquest.
I cant look back through my statements online with my santander bank to see when i started paying but I was paying in Feb 2011 at a rate of 21 pounds a month and am currently doing so.
(it will take me 17 years from the date it was set up to clear it)
I recently contacted Capquest for a full and final settlement offer but they still want the outstanding 3k left on it.
In their letter though they say they would record a partial settlement on my file. Where exactly would they do this as there is nothing on my file from Bank of scotland anymore. Or from CARS or Capquest? would they create a new listing in my file. I have scrimped by for years to pay all my other debt off and this is my last one apart from a sheriff court for council tax from the same period of hardship. My file is finally looking clean and although credit score doesnt matter I have a good one with no defaults listed on it anymore. when I pay this off eventually I am going to be penalised for it, if it goes on my file.
Or should i just stop paying now and wait it out the 6 years?
I just dont know what to do with there being no trace of this account on my 3 files.
I had a Bank of Scotland account opened in 2003 with an overdraft.
Basically I went through a bad spell and was a gambling addict and I got in a mess. I went in to the branch back in 2005 and told them this. I asked for a refund of a few charges as I had nothing to live on and asked if they could help me. I told the manager I was a gambling addict (accept full responsibility for my actions) anyway I had an agreed overdraft or say 3k and one night I hit rock bottom and started playing Jackpot joy it authorised my card by a further 2k even though i did not have money in my account and my overdraft was only authorised for 3k. So i wake up the next morning with a debt to the bank of 5k
.Anyway this defaulted in 2005 with the Bank of scotland. (has since been removed from my credit file with no trace of the bank on any of my 3 files) I only have the details through a very old paper copy I requested many years ago.
The debt was referred to cars collection then on to Capquest.
I cant look back through my statements online with my santander bank to see when i started paying but I was paying in Feb 2011 at a rate of 21 pounds a month and am currently doing so.
(it will take me 17 years from the date it was set up to clear it)
I recently contacted Capquest for a full and final settlement offer but they still want the outstanding 3k left on it.
In their letter though they say they would record a partial settlement on my file. Where exactly would they do this as there is nothing on my file from Bank of scotland anymore. Or from CARS or Capquest? would they create a new listing in my file. I have scrimped by for years to pay all my other debt off and this is my last one apart from a sheriff court for council tax from the same period of hardship. My file is finally looking clean and although credit score doesnt matter I have a good one with no defaults listed on it anymore. when I pay this off eventually I am going to be penalised for it, if it goes on my file.
Or should i just stop paying now and wait it out the 6 years?
I just dont know what to do with there being no trace of this account on my 3 files.
0
Comments
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The partial settlement is not relevant in this case.
It's gone from your file and cannot legally come back. Well, it can, if someone screws up, but that can be fixed.
What's the balance and what's the settlement offer?:beer:0 -
The outstanding balance still owing is £4033.89
They said settlement would be at least £3k, I was cheaky and offered them £500 to try and get rid of it. They wouldn't give me an exact figure. I wrote to them a month ago then I called them last week as they hadn't replied.
They have now sent me a new income and expenditure form this morning. (capquest)
The original default was logged 24/1/2006 and was removed from my file in 2012. Along with all traces from the bank. I thought the account was closed but they have recently sent me a cash card for it. Although its not been used since before the default.happy_bunny wrote: »The partial settlement is not relevant in this case.
It's gone from your file and cannot legally come back. Well, it can, if someone screws up, but that can be fixed.
What's the balance and what's the settlement offer?0 -
Oh and CARS and Capquest have never posted on my credit file with my repayments I have been making in the last few years (2011 is as far back as I can check statements with out requesting them in paper form from santander/ alliance and leister - not sure i can get them as they were merged) I have checked Call Credit, experian and equifax)0
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The debt, as explained above, will not reappear on your file, UNLESS they take you to court and get a CCJ. In that case the CCJ will appear from the date it is obtained and remain for six years.
The I&E form is presumably to see what you can afford to pay. It might help to fill it in and send it back but be careful that they do not look at it and conclude you can afford more than £21 pm. They cannot make you fill out the I&E but as you are asking for a variation to your current time to pay it is not unreasonable.0 -
OK THANKS I wont fill the form in and leave it at £21 a month. I did tell them i would be borrowing the money from the bank of mum and dad so its not like I have surplus income.0
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Yeah, leave alone. Likely they will offer you a deal that may be better at some point.
Not worth borrowing money to pay these clowns unless it's to avoid a CCJ.:beer:0
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