Old Creditor Offering Me New Card

lpool18

I have a very old credit card debt dating back to at least 2007 which was the last communication with the creditor. They haven't been in contact with me since then and I've managed to build my credit score back up again and have a couple of credit cards and a loan which I have full control over and fully up to date with the repayments. After doing an eligibility check the old creditor from 2007 is now saying I have a 95% chance of getting one of their cards for a balance transfer. If I go for this am I risking them bringing up the old debt and 'resetting' my statute barred debt with them?

boo_star

No. Go for it, but you'll probably be declined.

[Deleted User]

You can apply.
The debt may well be statute barred - this just means they cannot obtain a court judgement for collection do the debt.

They could however “blacklist” you internally, and also then collect the debt by means of “setting off” the debt:

https://www.moneysavingexpert.com/banking/setting-off/

A4445

I don’t think that’s the case. They are saying if you have savings with a bank they could take the funds to pay your credit.

I’m sure once it’s barred it’s barred. Saying that not worth the risk. There are plenty of other providers out there.

jonesMUFCforever

A4445 wrote: »

I don’t think that’s the case. They are saying if you have savings with a bank they could take the funds to pay your credit.

I’m sure once it’s barred it’s barred. Saying that not worth the risk. There are plenty of other providers out there.

I disagree - it is only barred from them taking you to court to enforce the debt.
If they still hold the debt and has not been sold on, you still owe the money and they could offset any savings against the credit card.

In reality if they have not done it by now because the OP had no savings they probably won't start now.

A4445

I didn’t know that!

I guess I’m thinking about Bankruptcy/IVA/DRO, that’s written off and creditors can’t ask for it?

born_again

lpool18 wrote: »

After doing an eligibility check the old creditor from 2007 is now saying I have a 95% chance of getting one of their cards for a balance transfer. If I go for this am I risking them bringing up the old debt and 'resetting' my statute barred debt with them?

Yes.

But they more than likely won't give you a card their system will decline your application as you still owe then money.

BTW.Your title is a bit off. They have not offered a card.

[Deleted User]

If you obtain a second card and pay above the minimum payment, I wonder what the legalities are of them moving the "excess" onto your original card??

Thus meaning you still owe money on the new card you thought you'd paid.

As long as them moving the money doesn't make you breached the contractual terms (i.e. they couldn't move the entire payment) I wonder if they could move the rest??

moneywow1

Not sure about your question, but just a thought.

If one company is showing a 95% chance of acceptance, there's probably at least one other provider out there will to offer you a similar card. I would play it safe and go with them, even if the other isn't quite 95%

jonesMUFCforever

Somerset_La_La_La wrote: »

If you obtain a second card and pay above the minimum payment, I wonder what the legalities are of them moving the "excess" onto your original card??

Thus meaning you still owe money on the new card you thought you'd paid.

As long as them moving the money doesn't make you breached the contractual terms (i.e. they couldn't move the entire payment) I wonder if they could move the rest??

Their own terms and conditions would not allow this.
They are only allowed to offset an account in credit - not a credit card which in theory should always be in debt and at worst/best a nil balance.

lpool18

Thank you to everyone that has replied so far. There are other peividers giving me a 95% acceptance but I was only considering this particular one because if the extremely long 0% balance transfer offer.

Like many of you have said, its not worth the risk. I think I'll take your advice and go for one of the other cards at a shorter 0% periid.

Thanks again to everyone.:beer: