Finding debts?

GreenCat80

I’m trying to pay off all my outstanding debts. I think I have 3 (I’ve been in touch with all these creditors) but now I’m having a little bit of panic that there may be one or two more. Is there a way to find out? They have long since dropped off my credit record…

sourcrates

Then the answer is no, not unless you either have details of any accounts, or whoever may own them writes to you asking for payment.

The fact they have "long since dropped off my credit record" would suggest they are much older than 6 years, the Limitation act gives creditors 6 years to chase down outstanding debt, after that time as long as the debtor does not make any payment or acknowledges the debt in writing, most simple contract debts become statute barred, and you do not have  to pay them.

However there is a process you must follow should anyone write to you asking you to pay an old debt, so if that happens, post back for further advice.

GreenCat80

Thanks @sourcrates. I’ve been a bit of an idiot, I’ve had standing orders set up to pay 5 companies £1 per month for years, the debts have changed hands many times but I haven’t adjusted the standing orders and didn’t have it in me to deal with them. I cancelled them all this week and I guess I have to hope if there are debts the creditors will get in touch with me and make themselves known instead of taking any action out on me 😬

Brie

But if you still owe the money this may cause a problem if you hope to get credit in the future.  I'd suggest you get a free copy of your credit report - possibly from all the main providers as they may show different things - and check what info is on there.  

Frankly I don't know how you could continue to pay a debt to a company if you don't owe them money.  I would have hoped that at some point someone would have noticed the steady stream of £1s going into a miscellaneous account and queried it.  

Brie

Oh - and - have you never changed address in all this time??  How will they be able to get in touch if you haven't advised them of any changes??  And if they have sold the debt on why would they bother??

GreenCat80

Brie said:

Oh - and - have you never changed address in all this time??  How will they be able to get in touch if you haven't advised them of any changes??  And if they have sold the debt on why would they bother??

Yes I have moved house, twice I think! I don’t know how they know when someone moves but they do. Maybe when I change my address with my bank? I know I’ve been so stupid to ignore it all this time 😩

sourcrates

Well you may find out in the next few weeks who owns what.

As you have stopped payments, this is the time they will contact you, if at all.

SusieT

If you have been paying them you will know the name of the debt owner and reference that you sent with the payment, so it should be possible to trace the debt (or lack of) if you really want to simply by writing to them and quoting the reference. 
However, as sourcrates has said above, by stopping the payment, if they want to then they will normally find you, provided you are on the electoral roll at your current address, personally I would wait and see what happens.

GreenCat80

@SusieT the three creditors I do know about have been getting their £1, but the names and references on my online banking don’t match their names and reference numbers 🤷🏻‍♀️ I am doing full and finals with two of them, another has just changed hands and I’ve emailed the new creditor wit a settlement offer, so I wanted to cancel those 3 standing orders but I had literally no idea which standing order was going to them so I cancelled them all 😬

SusieT

GreenCat80 said:

@SusieT the three creditors I do know about have been getting their £1, but the names and references on my online banking don’t match their names and reference numbers 🤷🏻‍♀️ I am doing full and finals with two of them, another has just changed hands and I’ve emailed the new creditor wit a settlement offer, so I wanted to cancel those 3 standing orders but I had literally no idea which standing order was going to them so I cancelled them all 😬

it is only 1 then so no big worry. I would just wait and let them contact you, if they change their details and reference numbers without telling you then it is their problem to sort out!

GreenCat80

This has been giving me sleepless nights. I've figured out one of the missing debts is/was with Capquest who I have written to, the other was with Arden who apparently closed down in 2017, so I have no idea where my £1 monthly standing order has been going for the last 5 years 😱 I am feeling rather silly for not dealing with this sooner. 


My situation now is -

Debt 1 - Settled (loan)
Debt 2 - Settled (credit card)
Debt 3 - (originally an overdraft) was passed to Credit Security Limited, I've been emailing them and they were writing back to me at my old address which I left 5.5yrs ago, even though Link, who they are managing the debt for, had my current address.
Debt 4 - (CC) I've been paying £1 per month but cancelled the SO in the hopes of actually dealing with it. 
Debt 5 - (CC) Again, I was paying £1 pm but have cancelled it and I have no idea who has the debt or if they have my current address. I have asked MBNA to try to find it as the debt was with them, but it's so old it's not even in their archives. 

I'm freaking out that now I have stopped paying it I'm going to end up with another CCJ, and I'm so looking forward to being CCJ free in April 😨