Old debts no longer on credit file?

timiambeing

Hello - I wonder if anyone can help me? I have debts I am paying a minimum £1 per month to since around 2008, the total would be just under £100k (although over the years with discounts from debt collection agencies this would be reduced by up to 70% in most cases).

My credit rating is now good as none of these original loans show up anymore. However, I really would like them gone now - so what can I do?

I'm 70 in a couple of years and retired on state pension so its is highly unlikely these will ever be paid off, so is there any way I can actually get these agencies to let me go? Has anyone had any experience of just stopping the £1 to see what happens? Can they effect my credit rating even though they aren't actually shown as accounts on there?

These are questions I have been thinking about for years, so any help would be most appreciated - thanks.

sourcrates

Hi,
I have moved your post to the geneal DFW forum, as judgeing by your post, your looking for a general concensus, rather than a stepchange debt advisors opinion on this.

sourcrates

Wow, 100k, that was a lot of debt, we really need to have some figures to work with when questions such as this are asked, I can give you a basic generic responce with regard to your available options, but if you want a more detailed approach, filling in a statement of affairs will help us tailor the advice given.


Click on the link below, fill in the form as accuratly as possible, don`t forget to click "format for MSE" when it asks you :


https://www.stoozing.com/soa.php

timiambeing

sourcrates wrote: »

Wow, 100k, that was a lot of debt, we really need to have some figures to work with when questions such as this are asked, I can give you a basic generic responce with regard to your available options, but if you want a more detailed approach, filling in a statement of affairs will help us tailor the advice given.

Hi - thanks but at this stage I just need to know the answers to my questions above, especially can a debt collection agency add a default to my credit file when the original loan is no longer shown and neither is the agency? Seems silly to keep paying £1 till I pop my clogs!

[Deleted User]

If the debts had previously defaulted, another default can't be added.

They would need to go for a CCJ instead, which would be on your files for a 6 year period.

sourcrates

timiambeing wrote: »

Hi - thanks but at this stage I just need to know the answers to my questions above, especially can a debt collection agency add a default to my credit file when the original loan is no longer shown and neither is the agency? Seems silly to keep paying £1 till I pop my clogs!

Deleted_User wrote: »

If the debts had previously defaulted, another default can't be added.

They would need to go for a CCJ instead, which would be on your files for a 6 year period.

In theory a second default is not possible, however, and this is more prevelant with older debts, like yours, that have long since departed your credit file, when debts are sold on, very little information may be available to the new owner, and in some cases, an old defaulted account has been defaulted again, because all information from previous events have been wiped from your file, doesn`t happen often, and it can be rectified, but it can be a struggle.

Your main concern will be your creditors getting legal with you, they always have the option of legal action, and these decisions are usually made on the likelihood of you being able to pay, or not.

One thing you can do to level the playing field somewhat, is submit a request under sec 77/79 consumer credit act, for a copy of your credit agreement, failure to provide removes the option of legal action from the creditors arsenal, and leaves the debt, effectively dead in the water.