Debt Help!

LittleElf16

Hi 
I am new here and looking for help. My credit report is in a bit mess. I have a loan and an overdraft which I defaulted on around 5 years ago due to personal circumstances, in total they come to £8,385.00.

I haven’t made payment or contact with anyone regarding the debt and my credit report states the default date is September 2015.

I have now received a letter from Intrum offering a 80% write off my balance asking me to pay £1,677.17 this month and my credit report would be updated to ‘partially satisfied’.

I wish I had the money to clear this debt but I do not due to not working because of mental health issues. 

If the 6 years is up next year, does this mean the debt will be off my credit report anyway or not?  Does this mean they can also issue a CCJ? If not, what do I do?
I want to sort my credit out in order to obtain a mortgage in the future.

MovingForwards

Ask @sourcrates to move your thread over to the debt free wannabe board as you will receive the help and guidance needed.

sourcrates

Moved to Debt free wannabe.

D3xt3r5L4b

They can still go for a CCJ yes before the 6 years is up. 

LittleElf16

Thanks for moving the thread. 

What do I do then? Because I have read if you make contact with them that could be detrimental too. They are trying to reduce it by 80% but it is still too much for me.

sourcrates

They will drop off your credit file in sept next year, they will also become statute barred at the same time.

If they start a claim before then, you will be able to inform the creditor of your financial position, if you cannot afford any payment, its little use them persuing the claim, but they still might, even £1 a week is acceptable if its all you can afford.

I would avoid discussing the accounts with them until they go SB if at all possible, as that would re-set the SB clock.

fatbelly

LittleElf16 said:

Hi 
I am new here and looking for help. My credit report is in a bit mess. I have a loan and an overdraft which I defaulted on around 5 years ago due to personal circumstances, in total they come to £8,385.00.

I haven’t made payment or contact with anyone regarding the debt and my credit report states the default date is September 2015.

I have now received a letter from Intrum offering a 80% write off my balance asking me to pay £1,677.17 this month and my credit report would be updated to ‘partially satisfied’.

I wish I had the money to clear this debt but I do not due to not working because of mental health issues. 

If the 6 years is up next year, does this mean the debt will be off my credit report anyway or not?  Does this mean they can also issue a CCJ? If not, what do I do?
I want to sort my credit out in order to obtain a mortgage in the future.

They can start a court claim within the six years. it doesn't mean they will. If they're willing to take a 80% hit on this (even though you can't pay that) it does not sound likely that they will spend money on a court claim. No-one can predict exactly what will happen but I'm with sourcrates on this.

If they were to start a court claim, they must first issue a standard pre-action protocol questionnaire with a 30-day return. If you get one on those come back for advice.

In the meantime concentrate on getting well and finding suitable work.