Trying to negotiate - but don't know how!

beeblesinacorner

Hello all you helpful people out there.

I am new to this forum and have unfortunately been burying my head for a good few years. I am now ready to address my situation and hope to get some advice from you guys.

I have a 5 unsecured debts which all went into default in or around July 2010
1. 1st Credit - balance o/s £6714
2. RBS (Mint Card) - balance o/s £11,709
3. PRA Group - balance o/s £5312
4. Moorcroft - balance o/s £6,733

I also have a vanquish credit card which is current and has a balance of £863 o/s with minimum payment of around £45 per month and a Natwest Overdraft of £5k which is to the hilt and costs me around £70 per month to service (I bank with Natwest and my salary goes into that account).

I am in a position to remortgage my property and want to try to negotiate full and final settlements to the 5 debts which defaulted in 2010. I have only made token payment to one of the accounts (Moorcroft) for £10 per month.

The reason for addressing this now id the huge fear of CCJ's dropping through the letter box due to the fact that the accounts are only around 8 month from being statue barred.

I am in a position to remortgage my house to get a lump sum to repay them (in full if necessary) and have the mortgage offer.

I have called some of my creditors (1st credit, PRA and Moorcroft) and they have offered 30%, 25% and 20% discounts for partial settlement. I feel like I could do better, but I don't know how?!?

Also, I haven't heard from Mint or Santander for a long time (and completely ignored any letters I got from them). I want to call them to negotiate with them too, but I have got no idea who they may have passed the debts onto? My Noddle credit files says they are still with them? I seem to remember a long time getting letters from third parties but can't remember where they ended up. Do you think I should call Mint and Santander directly?

What to do!?!?!

Thanks guys - not sure how to proceed.

P.s. feel free to ask any questions, I am sure I haven't covered everything!:eek:

beeblesinacorner

Whoops - Forgot to put Santander on the list

5. Sanatander personal loan - balance o/s £10004

MakeAChange_2

hi beeblesinacorner,

I am not experienced enough to advise you properly on this so im not even going to try because il probably give you the wrong advice. but i just wanted to say ......hang in there and stick around on here because the support and advice you will receive will be so useful and everyone is so lovely.

good luck and see you around

beeblesinacorner

Aw, that's lovely thank you!

It is a bit scary, but trying to sort it once and for all!

Thanks:happyhear:happyhear:heartpuls

sourcrates

Hi,


Under pre-action protocol rules, you would be informed in writing if a creditor was taking you to court, thereby giving you the opportunity to settle beforehand.


With only 8 months till the SB clock runs out, I`d be tempted to wait and see what happens.


Especially if no one is presently chasing you for these debts.

beeblesinacorner

Thanks for your response. Yes, I was wondering about the SB situation, however I think Mint and Santander have my old address and I am terrified of them slapping a CCJ on me without knowing?

I am guessing in this day and age, they should be able to track me down to my current address? I am on the electoral role etc.

Also, spoke to Step Change and they said that a SB debt could still linger on your credit file, well for ever! They said it was down to the creditor to either remove it from your file or not.

Also, my new remortgage is with GE money and condition of the mortgage offer for debt consolidation is to raise cheques for all creditors (got the offer btw). I am free to negotiate figures though!

sourcrates

beeblesinacorner wrote: »

Also, spoke to Step Change and they said that a SB debt could still linger on your credit file, well for ever! They said it was down to the creditor to either remove it from your file or not.
!

Well that's incorrect for starters.


Defaulted debts, whether statute barred, paid or unpaid, no matter what the status, (except if a CCJ has been issued) will drop off your file after 6 years, no matter what !!!

beeblesinacorner

Hmmmm, interesting. Is that 6 years from when you defaulted or 6 years from when the debt became statute barred?

Thanks

sourcrates

beeblesinacorner wrote: »

Hmmmm, interesting. Is that 6 years from when you defaulted or 6 years from when the debt became statute barred?

Thanks

6 years from the default date, it will be gone, as if it was never there, unless a CCJ has been obtained, then the CCJ will show for another 6 years, in the "public information" section of your file, but the original default, for the account will be gone.


If you don't pay, or acknowledge an account in writing, for six years, then it becomes statute barred, the entry will fall off your file, however the debt still technically exists, it just means legal action can no longer be taken to recover it, and no one, except the creditor that owns the debt will know of its existence.

fatbelly

beeblesinacorner wrote: »

I have called some of my creditors (1st credit, PRA and Moorcroft)

Provided you haven't put anything in writing then you haven't acknowledged these debts (phone conversations do not count) so you have not restarted the clock.

If these were defaulted in mid-2010 then, yes, they drop off your credit file in 2016.

But a default would have been placed because payments had stopped earlier. Guidance says they should apply a default after 3 to 6 missed payments.

So it is possible that the last payments were made in late 2009/early 2010 and as we are now late 2015 these may be statute barred very soon.

I agree with Sourcrates to leave these alone. If a court claim comes, defend it. And if that fails then you still have 28 days to pay without a ccj showing on your file.

p.s. I confirm stepchange were completely wrong in their information about your credit file