Old Debt

tink1977

Hi there I am knew to the forum, I was looking for a bit of advise roughly 10 years ago I got into quite a bit of debt with catalogues and a personal loan. Now I thought I had paid all the catalogues off but when I check with a credit agency there was thing there I couldnt remember and also things that I beleive I have paid through various methods such as bank giros etc. But after such a long time I do not have any of proof of payment, so this put me off trying to sort out my debt so I havent looked into it any further as I was frightened what I may dig up.

With the personal loan I couldnt keep up the full monthly repayments when I lost my job now I did have insurance with the loan but I remember that the bank saying I wasnt covered even though I lost my job and because I was only 18/19 I just accepted this. I arranged to pay back half the monthly payment over three months, after three month my situation hadnt changed but the bank demanded I pay the full instalments which I couldnt afford. The bank refused to accept anything else other than the full amount so they took out a ccg. Anyway I now live with my partner and have two kids I dont get anything under my name to this address incase it affect my partners credit, obviously I would like to sort out my credit but I am on a very low income.

rog2

Hi tink - and welcome to DFW.

First of all, there is no need to worry, many of us have been in worse situations, and there is always a solution.
We really need a bit more detail, but based on what you have posted:

1. You say that the 'catalogue debt' is very old. Did the cra give you any dates - for example when the default was registered. The reason for asking is that if it has been more than six years since you made any payment, or had any written contact with the original creditor, then your debt may be covered by the Limitations Act, makin it 'Statute Barred' and no longer enforceable.

2. With the Bank Loan, the same question applies, although if they have taken out a CCJ, then this debt will not be covered by the Limitations Act. However, you can apply, even at this stage, to the court to pay this off in instalments that you can afford.

I would suggest that you have a word with the Citizen's Advice Bureau, or one of the other Debt Charities, such as CCCS or National Debtline.

Good luck

RAS

Hi

Also get your credit checks from the credit reference agencies as it may not be as bad as you think.

http://www.moneysavingexpert.com/banking/credit-rating-credit-score