paying off £12000+ with Restons

lolo06

Hi everyone,

I was wondering if i could get some help.
Back when i was 18 (2006) I was offered a credit card which spiralled out of control, i kept on being offered limit increases and eventually a consolidation loan. I fought over the years to stop interest being accumulated and it has then moved over to Restons debt collectors.
So the debt is 8-11 years old and the balance is £12,200 roughly.

I have been making payments since it was moved to restons 7 years ago. payments are minimal at the moment £3.75 a month due to my financial situation.
I have finally managed to get myself to an ok position but to my calculations I will need another 10 years to pay it off after living costs.

Its such a heavy burden and its holding me back, I can't even think about buying a property in the future because of having a terrible credit score.

Is there a chance that restons can discount the debt, and due to it being old where do i stand with it being enforced?

Any help is appreciated

Thank you

sourcrates

Hi,

As you freely admit to paying the debt, it cant be deemed statute barred, and remains fully enforceable.

One thing you could do is a CCA request, thats a request for a copy of your original credit agreement.

If the lender fails to comply with your request, the account may become unenforceable in court, are you familiar with CCA requests ?

Information and template letter available here :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx

fatbelly

Some quick questions

Does it appear on your credit file?

If it has been with Restons 7 years it should have been defaulted more than 7 years ago and therefore it's not this debt that is affecting your score.

Do you have other debts?

Is there a ccj on this one?

If you wanted to do a full statement of affairs that would be most useful. The link is to a calculator. Please 'format for mse'

lolo06

Thank you for the link, i will look into sending this.

Also i have no CCJ's, I have a few small debts which i can pay off within the year. some of those where in default but i am sorting out.

I have just checked my account through the credit club on MSE, and to my surprise the loan is not showing up, but the other accounts are.

Should i go directly to experian and check on there, or is this all up to date?
thanks again

poppasmurf_bewdley

I'd definitely do a CCA letter as Sourcrates suggests.

For debts dating back to 2006, I think it would be highly unlikely the original creditors still have the documentation required to fulfill a CCA request. Certainly, I doubt Restons would have any of it whatsoever.

If in doubt, a CCA is always worth doing.

Good luck.

National_Debtline

lolo06 wrote: »

I have just checked my account through the credit club on MSE, and to my surprise the loan is not showing up, but the other accounts are.

Should i go directly to experian and check on there, or is this all up to date?
thanks again

Hi

As fatbelly mentioned, the loan is likely to have defaulted over 6 years ago, so would have dropped off your credit file by now if that’s the case. I don’t know for certain but I would think the MSE Experian information is up to date. You can get a statutory copy of the Experian file for £2 if you want to check.

It’s worth checking www.noddle.co.uk and www.clearscore.com to get the full picture in any case.

James
@natdebtline