Debts over 6 years old

[Deleted User]

Thats very good news. We are living in a property we want to buy so two years is realistic for us. What would you suggest we do regarding mortgage shortfall token payments though as we are still making token payments through StepChange ? They are pushing us to do a financial review, we were considering bankrupcty but that seems like not the best option now.

Should we contact them after the default date drops off - or not contact them at all ? Or just keep paying? Really not good with all this at all. Been keeping me awake for literally years. When all this happened in 2012 we were in a very difficult place and didnt keep all correspondence, they did write to us regarding the shortfall but then we never heard from them and just kept on making small payments towards it. They never wrote to us, or Stepchange to query the amount or with a statement. It makes me wonder now if we should have even included it on our DMP or not, or if it will have made things worse. Cant really say that they 'pursued it' we just did what we thought was best and tried to at least pay something, will this now go against us ?

[Deleted User]

Thankyou. I have CCA'd all the credit card debt today except the mortgage lender. Some of these debts are well over six years old, so here's hoping. I have used the letter from national debtline, as the debt is acknowledged as we have been paying it through a DMP - was this the correct letter to use ? It just asks for the CCA etc.

Question - If the DCA says they cannot enforce the debt through not having correct paperwork, I assume this wouldnt stop them sending the debt back to the original creditor, or selling it on for someone else to collect - so it could go on indefinately. Would we just stop corresponding with them or make a small F&F payment - none of this is on credit file so unless a CCJ is pursued, our credit file does not reflect this credit card debt.

Also, having been told that Experian is the most accurate credit reference agency companies use, is it worth also getting files from Callcredit and Equifax ? Even if the (credit card )debt is well over 6 years old, I imagine it wont be on their files either ?

Many thanks for all your help its been really useful

fatbelly

barmcakebird wrote: »

Thats very good news. We are living in a property we want to buy so two years is realistic for us. What would you suggest we do regarding mortgage shortfall token payments though as we are still making token payments through StepChange ? They are pushing us to do a financial review, we were considering bankrupcty but that seems like not the best option now.

Should we contact them after the default date drops off - or not contact them at all ? Or just keep paying? Really not good with all this at all. Been keeping me awake for literally years. When all this happened in 2012 we were in a very difficult place and didnt keep all correspondence, they did write to us regarding the shortfall but then we never heard from them and just kept on making small payments towards it. They never wrote to us, or Stepchange to query the amount or with a statement. It makes me wonder now if we should have even included it on our DMP or not, or if it will have made things worse. Cant really say that they 'pursued it' we just did what we thought was best and tried to at least pay something, will this now go against us ?

I don't think I realised you were making token payments to the shortfall debt. While you are doing that the clock keeps restarting on being statute barred and the MCOB/CML rules won't help you

It shows what a poor strategy token payments is - bankruptcy in 2012 might have been better.

I have seen some very low settlement deals on mortgage shortfalls - around 10p in the pound - maybe consider that?

[Deleted User]

They have marked it as satisfied on the credit file though and never ever contacted us about it. So they accepted payments but never pursued us.

A 10p in the pound would add up to around 4k which we just dont have. They've been getting £38 a month for almost six years.

Might just write to them and ask them to write it off - but its not on the credit file anyway - not sure what to do, as at any time they could decide to start proceedings I guess.

To be clear, they havent pursued us, we voluntarily paid them, they havent written to us, in about 6 years. On their website it says they adhere to the CML rule.

s1985

To be clear, they havent pursued us, we voluntarily paid them, they havent written to us, in about 6 years.

I guess they haven't needed to as you've been paying.

A 10p in the pound would add up to around 4k which we just dont have.

How are you planning to get a new mortgage? You'll surely need a deposit?

I'm in a similar position to you, o/s mortgage shortfall debt from 2012 but I haven't paid anything towards it. I would not feel comfortable getting a mortgage again until all is sorted, I'm going down the route of a f&f settlement but not getting anywhere with this currently.

[Deleted User]

At the moment I'm a graduate working part time around my two kids earning a pittance. This will hopefully change in the next year or two, so a deposit won't be a problem.

s1985

Might be an idea to stop the payments and ask them to write it off now as currently the shortfall debt is open to court action for 6-12 years, if you do get a mortgage you'll have a asset for them to come after too.

[Deleted User]

Yes. We plan to. Once the default has dropped off.