Statute barred.... Sold off debts... Help

Lorac723

Hello, I have been reading up a bit about statute barred and I am still a bit confused.
I was fairly young when I got myself into a lot of debt. After not making payments on anything for about 2 years I was receiving a lot of threatening letter and was worried. I live with my mother and did not want her to find out about the debt, but when the house was getting phone calls 24/7 and the letters were piling up unopened, she realised what was going on and forced me to go into a debt management plan. I have now been paying this plan for over 4 years and am getting nowhere. I recently received a statement from them to which I realised they were taking half of my payment as 'fees' for themselves and it also stated I would be paying for 440 months 😞. I was going to move to step change a free debt management company when I started reading about debts older than 6 years old. All my debts are over 6 years old now but as I have been making regular payments, I don't think I fall into the statute barred debts and in which case I would still be liable to pay. Any help would be greatly appreciated. While I am still happy to move to step change as I won't be getting charged, I would just as happily not pay them if I fall under the statute barred as I am leaving myself very short every month.

A couple of the debts have also been sold off to other companies, I have also read that if they cannot provide an original copy of the signed credit agreement form that I can have this debt written off? Is that the case?

Any help would be appreciated like I said. I just want to be debt free and able to live normal again.

Let me know, and apologies for the massive thread 😃

Voyager2002

Sorry, but since you have been making regular payments there is unlikely to be much you can do except continue paying.

Do move to Step Change: it is shocking that these vultures are making money out of you. Since you are left "short" each month your payments are probably too high in relation to your needs, so there should be scope to reduce them: a decent debt counsellor will be able to help with this.

HappyMJ

If they can't get the original credit agreement then the debt can't be enforced. It's not really written off as such but if they can't enforce it then if you don't make any more payments then nothing much else happens. They will eventually write it off. As you defaulted almost 6 years ago then it will soon disappear from your credit record.

You could try saving for a full and final settlement. That'll write off the remaining debt. For such an old debt you might be able to offer a low fraction of the debt and it may be accepted.

Lorac723

Thank you all for your help. you really have no idea how much I appreciate it. I didn't think I would be classed as statute barred but I was a little confused when reading up. A couple of my larger debts have been sold off to several different companies so it is worth me writing to them to see if they can provide me with the original agreements ��

sourcrates

Lorac723 wrote: »

Thank you all for your help. you really have no idea how much I appreciate it. I didn't think I would be classed as statute barred but I was a little confused when reading up. A couple of my larger debts have been sold off to several different companies so it is worth me writing to them to see if they can provide me with the original agreements ��

It's called a CCA request, and must be accompanied by the £1 statutory fee, template letter here :

(Your home address)
Date:
To:

Dear Sir/Madam

Account/Ref No:

With reference to the above agreement, I/we would be grateful if you would send me/us a copy of this credit agreement and a full breakdown of the account including any interest or charges applied.

I/we understand that under the Consumer Credit Act 1974 [sections 77-79], I am/we are entitled to receive a copy of any credit agreement and a statement of account on request.

I/we enclose a payment of £1 which represents the fee payable under the Consumer Credit Act 1974.

I/we understand a copy of any credit agreement along with a statement of account should be supplied within 12 working days.

I/we understand that under the Consumer Credit Act 1974 creditors are unable to enforce an agreement if they fail to comply with the request for a copy of the agreement and statement of account under these sections of the Act.

I/we look forward to hearing from you.

Yours faithfully



Your name.

They do not have to supply an original signed copy, they can send you a reconstituted version, made up from information they hold on you, but, they can't make stuff up, it also depends how old the account is as well, accounts opened online have different rules.

Lorac723

Thanks for the template and info sourcrates �� will get that sorted today.