Debt recovery letter after 15 years?

Lightening_star

I recieved a debt agency letter telling me they will reduce my credit card balance from 15 years ago by 70%, this means I only have to pay £200 out of £1,150. My question how can they tell me in the letter that debt still exists and they have a right to ask for it when it has been 15 years?...Does this debt affect my credit rating? because I managed to get another card and over draft facilities, as well as offers of credit cards, so am assuming this 15 year old debt does not affect my file?

Another question is shall I contact them and pay this debt off or leave it as I was told 15 years ago, as its been over 5 years the debt should have been wiped off, so not worth paying anything now.

Are they bluffing by telling me the debt still exists and they have a right to ask for it? how can a debt exist after 15 years? this is what I do not understand...

p.s its a credit card debt from 15 years ago.

any advice and opinion would be appreciated, thanks!

Marktheshark

Unless you have been making payments, ignore them, they will have bought hundreds of these old files and will concentrate on those that bite the bait.

fatbelly

If there has been a period of six years when you did not acknowledge the debt by payment or in writing then it is statute barred under the Limitation Act 1980.

Unlike Scottish law, the debt still exists and can be pursued but not enforced by court action (technically they can start a claim but you have a complete defence to the claim).

However, the FCA give a route to you insisting that they stop collection activity on the debt and it's set out in these letters if you want to use them.

https://forums.moneysavingexpert.com/discussion/2606811

Equally you can ignore them and just defend a court claim if one comes.

Lightening_star

Thanks fats. They did say in the letter that court proceedings have expired. But I am confused as to whether I should pay them off or not. If a debt that is 15 years old and it has not affectd my credit file because of the debt being so old then is it worth paying any sum to them? speacially if it will make no difference to my future in terms of credit cards, mortgages etc? this is of course assuming my file is clear as I have been getting offers of other credit cards as well as having a capital one card with a limit of 1 thousand pounds.

So you folks think my file is ok and this 15 year old debt does not affect my file? surely if it did then I would not get pre-selected of credit card offers and even my own bank said am entitled to one. Unless an old debt can mess up your file?

last questions is it possible a 15 year old debt can stay on the file and can be wiped off if you tell them to do so or should it be automatically be wiped off the file after 6 years or so? at the bottom of the letter it does state experian, but again if experiance had a bad file of mines why would I get offers of other cards and have 1 already in the last year?

if I was to apply for a mortage would this debt affect my chances and my file?

thanks ever so much guys.

andyfromotley

OK
1. when did you last have anything to do with debt? either in writing or by making ANY payment on it? if the answer to that question is over 6 years ago then it will not be on your credit file and you do not have to pay anything as they do not have a power to enforce this debt.
2. If you are worried about your credit files, check them with the individual companies, it costs £2 with each to get a copy of your file. (or you can sign up for a free trial with some to see it, but you MUST cancel or they will charge you £15 per month after the trial.)

My advice throw these letters in the bin and ignore them. DO NOT call the company. If you feel that you must contact them do so only in writing, not e mail, writing.

sourcrates

It's a fishing trip, the debt will be statute barred, they know it, they have admitted it in the letter, it will no longer be on your credit file, there is nothing they can do to you.

Respond with a letter stating its statute barred and not to contact you again.

That should be the end of it.

glentoran99

duplicate thread here




https://forums.moneysavingexpert.com/discussion/comment/68872678#Comment_68872678

fatbelly

glentoran99 wrote: »

duplicate thread here




https://forums.moneysavingexpert.com/discussion/comment/68872678#Comment_68872678

This one seems less argumentative.

fatbelly

Lightening_star wrote: »

They did say in the letter that court proceedings have expired.

You can just wave goodbye to them then.