Do I still have to pay debts after 6 years?

jonjon123

Hi all, hope you are well.

I have been paying creditors through debt recovery companies for 7-8 years now in very small amounts (due to my affordability) yet if i keep paying these off at this rate, they look to go on for 20-30 years and don't fancy having them on my back for this length of time.

If I have been making regular payments for such a long time now, can I just walk away from them and say ''I'm not paying anymore''?

I've been told debt recovery agencies have VERY little powers they can use, so wandering if I stop paying, what can they do and can they still chase me, or can they take me to court/and/or use bailiffs etc?

Many thanks to all those that can help with this one

[Deleted User]

They could get a CCJ against you.

The debts are still owed and enforecable.

jonjon123

I disagree with that xz81, looking at an extract from step-change they say.....now I quote....

What can debt collectors do?
Debt collectors don’t have any special powers that can help them to collect a debt.
You might find that they contact you through phone calls and letters however in some cases they may visit your home too.
If a debt collector shows up at your house you don’t have to open the door to them or let them in. If you ask them to leave, they have to go, and they can’t take anything from your home either.
If you talk to the debt collector, they need to show you ID if you ask. They may ask you to make payments to the debt there and then however you don’t have to do this. You can do this over the phone with your creditor directly if you’d prefer, so you have control over the amount you can offer to pay.
If you do make a cash payment to a debt collector, make sure you get a receipt and keep hold of it.

tallyhoh

jonjon123 wrote: »

I disagree with that xz81, looking at an extract from step-change they say.....now I quote....

What can debt collectors do?
Debt collectors don’t have any special powers that can help them to collect a debt.
You might find that they contact you through phone calls and letters however in some cases they may visit your home too.
If a debt collector shows up at your house you don’t have to open the door to them or let them in. If you ask them to leave, they have to go, and they can’t take anything from your home either.
If you talk to the debt collector, they need to show you ID if you ask. They may ask you to make payments to the debt there and then however you don’t have to do this. You can do this over the phone with your creditor directly if you’d prefer, so you have control over the amount you can offer to pay.
If you do make a cash payment to a debt collector, make sure you get a receipt and keep hold of it.[/QU

They can still take you to court & obtain a CCJ (as above)

EssexHebridean

Not quite sure what there is in what you've quoted that leads you to disagree with ZX81?

Are you thinking of the debts being statute barred due to being in excess of 6 years old? If so then that's the wrong tree to be barking up I'm afraid - as you've been paying th debts you're deemed to have acknowledged them.

What's the story here - do you feel for some reason that the debts were run up without you being liable? Was it loans that you took out for someone else for example? If so I'm afraid if they're in your name then the liability is still yours.

why not put together an SOA (Statement of affairs - link in my signature) and post in here and let's see if there's anything you can adjust in there to maybe free up additional cash to tackle the debts sooner.

Hoogle

money owed is money owed, it may only effect your credit file for 6 years bit that is from date of default, then date of ccj. Just because you stop paying doesnt make it statute barred, You have to not have any correspondence for 6 years for that to happen, and it is probably not as simple as that in legal terms, i am not a debt expert. I know of people that purposefully get into debt way beyond their means and then declare themselves bankrupt.. SO if your paying off a debt for 30 years then maybe that is the best option for you, unless of course your only paying £1 a month off etc and still going out for nights out, holidays etc then they will probably refuse it.

fatbelly

jonjon123 wrote: »

if I stop paying, what can they do and can they still chase me, or can they take me to court/and/or use bailiffs etc?

Yes, that's exactly what they can do.

You appear to have been on a token offer plan for 7 or 8 years. That is a rotten plan, unless all the other options are unavailable to you, which I doubt.

Why not post a statement of affairs and let us have a look at it

jonjon123

To save time filling the form in, if I told you my disposable income at the end of the month was £25, would that help?

I am over 20k in debt so I know a debt relief order is out of the question.

Been informed my only option is bankruptcy or insolvency.

Is that the only options available? Otherwise these debts will go on for years and years.

And yes I am making token payments to ALL of them

EssexHebridean

jonjon123 wrote: »

To save time filling the form in, if I told you my disposable income at the end of the month was £25, would that help?

I am over 20k in debt so I know a debt relief order is out of the question.

Been informed my only option is bankruptcy or insolvency.

Is that the only options available? Otherwise these debts will go on for years and years.

And yes I am making token payments to ALL of them

No - if your surplus is that low then you most definitely need to fill the form(I assume you're referring to the SOA?) in as that might well identify areas where savings can be made, that you might perhaps have missed.

I guess a relevant question here is how did these debts arise in the first place? You're still just as liable to either pay them or apply for bankruptcy, but the history can tell you a lot about what other steps you need to take.

fatbelly

I agree with Essex. The devil is in the detail. Maybe we'll find some debt that is excluded from a DRO and get you under 20k. There are all sorts of possibilities but it's hard to advise on bits of info

sourcrates

There is a massive difference between a debt collector and a debt purchaser.

The latter owns the debt, and can obtain judgement through the courts.

The former just manage accounts for there clients, and can do nothing.

So it depends who your dealing with.

Best option is to post that SOA, there may be something you have missed.