Help finding old unknown bank accounts

sarahrichardspearl22

Hello, I need some advice please. I'm trying to find old bank accounts for my boyfriend's mum.

She is unfortunately bipolar, and years ago was very unwell. She has opened lots of bank accounts up, and probably credit cards, and we are trying to track them down without alerting the banks themselves as we want to collate them all before we decide the best course of action for paying back etc...

Is there anyway we can find this information out? we tried the credit agencies but we cant pass security because due to the nature of her mental illness his mum has no memory of what she did.

Any advice really appreciated to sort out this mess, Sarah R

RAS

Before you do anything, please do nothing. 

If she has not paid anything towards her debts for the last 6 years (5 in Scotland), then they are statute barred which means the creditor can no longer pursue the debt through the courts. If they are close to 6 years old then it would be unwise to poke the hornets' nest. 

It sounds as if almost any debt she acquired at the time will have been defaulted, unless she's been paying them frequently. In which case most will have been written off long ago and sold off to debt collection agencies who pay pennies in the pound in the hope of finding a few people who they can chase.

Banks are now  required to show forbearance towards people who acquired debt whilst mentally ill, so even if she still owes money, they may consider writing it off.

Please explain to BF's mum that even though it is very likely that she cannot be chased for these debts, there are companies who try to frighten people into paying £100 even though they paid £2 to buy the debt. In Scotland, debt is no longer owed after 5 years. In England and Wales it is still "owed" but the agency has no legal route to collect the debt. So they try to frighten people into paying.

There are letters available to send if a debt collection agency pop-up and IF they prove the debt is still legally enforceable, she can make a full and final settlement for a small proportion of the debt.

I'd suggest BF's mum deals with any essential debt like utilities, gets together an emergency fund (useful for full and final settlements as well) and if she feels she needs to pay back, then pay forward to a relevant charity.

Brie

lots of details on how to find bank accounts here.  As I understand it doing a search doesn't trigger anything.  That might happen as already said if you then contact the bank and there's an overdraft outstanding.

Find lost or dormant bank accounts: reclaim cash - MSE (moneysavingexpert.com)

sarahrichardspearl22

Oh thank you RAS, that is so good to read and such a relief about the debts and the 6 year rule

Is there a way to find out what bank accounts she may have, though, without poking the hornets nest? Or would this still be unwise?

We are hoping to get her some extra housing help, and hopefully Personal independence payment. And for the housing help they need a history of bank accounts

sarahrichardspearl22

Brie said:

lots of details on how to find bank accounts here.  As I understand it doing a search doesn't trigger anything.  That might happen as already said if you then contact the bank and there's an overdraft outstanding.

Find lost or dormant bank accounts: reclaim cash - MSE (moneysavingexpert.com)

is there a risk of using this and if accounts are less than 6 years old, and we find any debts for her, of triggering debtors to her?

RAS

I would have thought the lost assets search would be good for finding accounts that your BF's mum put money into. But not for finding bank accounts that are in debt, loans or old credit cards.

I'd suggest someone checks with housing provider how far back they need mum to actually go? And get extra advice on getting credit records from the main suppliers. I assume you've already read the MSE guide? Check your credit score & report for free - MSE (moneysavingexpert.com)

Have you checked for any paperwork that would give a clue as to one or two of the current accounts she held, and to her address history and mobile phone account?

sourcrates

If you want to do this as there may be funds of hers still held by these banks, then that`s fine.

If on the other hand, you are looking for outstanding debts she may still owe, then I would strongly advise against it.

As section 5 of the limitation act has already been mentioned, you must understand that anything you may put in writing to these companies could trigger renewed collection activity, and could also be considered as acknowledgement of any debt, which could re-set the time barred clock.

However, once barred, always barred, so if 6 years has passed without any acknowledgement, the debts cannot be unbarred by asking about them, but why even bother ?

If a creditor want`s to chase her, she can easily be traced, and they will write to her, I would advise you do nothing in the meantime, carry on as normal.

Should you receive such a letter in future, respond with the statute barred template letter to put it to bed once and for all.

sarahrichardspearl22

Hi all, thank you for you messages here. it really helps me and I appreciate it.

I will look at those links you have all given when I next get some time.

Unfortunately we have no paperwork or mobile phone history for her. She was very manic for many years and now she's depressed and can't remember anything, which makes our job a nightmare!!!

She can remember one address, and we used that for an experian credit search, but we didnt pass security because of other questions they were asking us that we didnt have answers to!