Full & Final settlement offer REJECTED by all my creditors

sourcrates

tedsd wrote: »

Hi,

Please can I ask a quick question? Re CCAs, if a creditor after admitting an old debt isn't enforceable, agrees not to chase it up anymore, what then happens to the debt on the credit file?


Thanks

Ted

Stays there for 6 years from date of default, then it disapears for ever.

tedsd

Thanks for the quick reply Sourcrates,
I forgot to say, what if the debt isn't defaulted but currently AP?
Ted

Thrugelmir

sourcrates wrote: »

What we have here are debt purchasing companies who have bought up the accounts for literally a few quid each, and are now attempting to gain as near the full amount owed on paper as possible, yes its all above board, but it does tend to stick in your throat a bit.

Operational costs have to be covered. If debt was simply written off. What incentive would there be to repay money borrowed. Somebody else picks up the tab. There's no such thing as a freelunch.

sourcrates

Thrugelmir wrote: »

Operational costs have to be covered. If debt was simply written off. What incentive would there be to repay money borrowed. Somebody else picks up the tab. There's no such thing as a freelunch.

No argument from me on that one, I just disagree with the system that profits from other peoples misery thats all, not many folk deliberatly set out to default on their debts, its usually an unforseen circumstance or a major change of some kind that nessessitates it.

If the original creditor can accept a token payment from a debt purchasing company to purchase a particular debt (I know that dosent happen as debts are sold in bulk, but for arguments sake lets use that analogy) why can`t they accept a similar payment from the debtor instead ?


Its all about profit for these debt buyers, if the original bank accepted a few quid from the debtor instead, the whole situation would be so much easier for all concerned, obviously the clients situation must be assessed beforehand, but how many people would be able to stay out of problem debt if that were adopted and policed properly.


They won`t do it as they all pi## in the same pot.

tedsd

sourcrates wrote: »

Stays there for 6 years from date of default, then it disapears for ever.

Hi again, what would happen if a debt is found to be UE but is still showing on a credit file as it was never defaulted? Do they mark it on file as UE.. does the DCA have to remove it?
Thanks
Ted

tedsd

I think I've found the answer to this back in a 2017 thread, seems it would remain on credit file as in arrears until statute barred and drops off...
Thanks
Ted