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Statute Barred Debt Settlement
Epiacum
Posts: 6 Forumite
Hi. Today I have received a letter from Lowell for a 10-year-old debt that from the wording suggests its Statute Barred (we will continue to contact you ...) I'm not proud of my financial past (I was young and stupid, but I want to be responsible (my 5-year plan is to get a mortgage once inflation/interest rates have settled. What would be a fair offer to make to them? I was considering 50% with room for negotiation if the refuse.
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Comments
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As from 31 July this is the way creditors are required to contact yo in regards to a statute barred debt.
So well done Lowell.
Whether you wish to reward them is up to you. There is no legal requirement to do so.1 -
If you tell them you will not pay and to go away, they should not contact you again.If you've have not made a mistake, you've made nothing0
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Yes that guidance still applies
CONC 7.15 if you want to google it or quote it
I would have thought that to be the best strategy if you are saving for a deposit1 -
dont pay these parasites. if you feel guilty make a donation to charity.0
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Tell them you are aware its statute barred, under sec 5, limitation act, and although they may continue to contact you, you won`t be paying anything towards the debt, as you are no longer required to do so.
Do not under any circumstances offer to pay this, or they will cling on to you like a piranha on Viagra.
Be clear that your not easily fooled, and they will go away quietly.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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