A 10 year debt...

kiyamr2

Hi

A good many years ago I "bought" a car on finance from CARCRAFT.

After 6 months or so it was repossessed due to myself being very bad with money and not able to keep up with the monthly arranged payment.

Car craft then went bust..

The debt was then passed on to a company called LINK and for over 10 years I have been paying off my debt at £5.
I am still making monthly payments of £5.

I still owe about £7000

Do I still have to continue paying this debt off?

Thank you

sourcrates

kiyamr2 wrote: »

I still owe about £7000

Do I still have to continue paying this debt off?

Thank you

Hi,

What makes you think you don’t have to pay ?

Hoogle

Yes you do, if you hadnt have paid then it would have been defaulted and passed onto debt collection agencies/ccj etc. Then if it was ignored for 6 years then statute barred, but as the debt was acknowledged and you have been paying it you have claimed responsibility. If you stop paying now then it can and will go on your credit report as a default and followed by a ccj and damage your credit report for a further 6 years from the default,

If you have money spare now ring them up and make an offer of full and final settlement you may get that 7k down to 2k or less, or they may see it as well they have paid for the last 10 years and are not prepared to make an offer of clearing the balance.

However does that 7k include the resale of the car money I am hoping you got that taken off the price I am not sure on actual legality but I am fairly sure they cant repossess the car and still make you pay the full amount back then 10 years ago their was probably mis sold ppi and huge fines for missed payments and fines for collections etc but I think now you cant claim that back as it is over 10 years ago

kiyamr2

Hello Sourcrates

That is my query...I am not sure if I do or don't. Hence I am still paying it off monthly.

kiyamr2

Thank you Hoogle.

sourcrates

kiyamr2 wrote: »

Hello Sourcrates

That is my query...I am not sure if I do or don't. Hence I am still paying it off monthly.

When carcraft went bust, your debt, along with everyone else’s, will of been bought by link, or other companies, so they now own the debt.

As you have been paying it, it won’t be statute barred, so yes, you are still liable.

One area you may want to look at is a CCA request for information.

If your loan was covered by the consumer credit act, you can apply for a copy of your original agreement, if link can’t provide it, the debt becomes unenforceable in court.

As carcraft went bust, it’s unlikley any paperwork still exists.