Debt has finally caught up with me

Rob5342

It's normal for debts that get moved around sometimes, usually because they have been sold and/or whoever owns it has decided that they want to change who handles collections. I'd cancel the direct debit as they have said they are no longer dealing with it and wait until you have heard from someone else about the new arrangements.

You are better off paying by standing order instead of direct debit or debit card as that keeps you in control. They prefer direct debits and debit card payments because it makes it more difficult for you to change them.

ManyWays

If there is no default date on a debt, it will never become statute barred. I suggest you forget about this and do not worry about resetting the 6 years clock, the only time to think about that is when you are within a few month of something becomeing statute barred.

if you win an affordability complaint, interest is removed from a loan so the remaining balance is what you borrowed less the amount you have already paid.

Rob5342

https://forums.moneysavingexpert.com/discussion/comment/81902379#Comment_81902379

I've made a number of affordability complaints. Apart from one £100 payday loan where they gave me £25 to make me go away they have all been rejected by the original lender. I had a few good wins after escalating them to the financial ombudsman service, I think it was about four that I won and investigator level and another one that I won after pushing it to ombudsman level. The typical response if you win is that you get a refund of all interest that you were charged as a result of the lending, removal of negative marks on your credit report that were a result of the lending, but you still have to repay the money you originially borrowed.

My best result was with Nationwide where I got about £16,000 interest refunded which left me with about £5,500 after the outstanding balance was cleared. I think that was quite an exceptional case, and it all depends on the specifics of each loan. All my wins were where I'd had repeated borrowing with the same lender as the FOS said that they should have been much more aware of how I handed things by then.