Help with offering a settlement on a very old debt

FuffaJ

Hi All,

I haven’t been on here in years, but could do with some advice. Years ago I run up several credit cards and one was sent to a debt collector. I’ve always been paying it off every month. This is now around 10 years ago. The original debt was around 12k I’m now down to 2k. I’ve paid off pretty much 80% of my debts so down from 28k to 5k. I’m planning on clearing everything but my salary means it won’t get paid off for another two years at the earliest.

ive been thinking of offering link financial a settlement of £500 to clear the 2k I know it sounds crazy, but they and westcot have had this debt 11 years so the worst they can say is no. Does anyone know if this is feasible as I’ve read they may accept it and then sell off the remaining debt to another company which I had the understanding that if you offered a settlement it cleared the debt and closed it all down. I also read they mark your credit file as settled or part settled? Will this still affect me seeing as the debt is so old? 

Sorry for loads of questions would welcome all advice.

thank you 

fatbelly

Absolutely it's possible

There will be no mark on your credit file as it would have dropped off long ago

As it's a credit card, we recommend doing a CCA request before making the offer.

Both standard letters are on the National Debtline standard letters section.

FuffaJ

fatbelly said:

Absolutely it's possible

There will be no mark on your credit file as it would have dropped off long ago

As it's a credit card, we recommend doing a CCA request before making the offer.

Both standard letters are on the National Debtline standard letters section.

Thank you I didn’t know about that. That letter looks good. Do you suggest it’s better to email them regarding this rather than speaking over the phone? I tried on Friday and their system was down and she told me it will
appear on my credit file as partially settled but they couldn’t tell me anything as can’t find my account so I didn’t offer anything. I was planning on calling back tomorrow as I’d rather it done and dusted now 

RAS

Have you actually checked whether this debt is appearing on your credit record? You can check all three for free using the MSE advice. Hopefully they registered a default years ago and it's long since cleared off your credit record?

FuffaJ

RAS said:

Have you actually checked whether this debt is appearing on your credit record? You can check all three for free using the MSE advice. Hopefully they registered a default years ago and it's long since cleared off your credit record?

No it’s not on my report and I can’t remember if it was in my report as it’s so long ago. I did have bad credit back then and now it’s really good but that’s not one that get reported on. So does that mean they’re talking rubbish about it appearing on my file several years later?

FuffaJ

To add I’ve checked my credit reports and it’s not on any of them as anything. Almost as if it doesn’t exist. I don’t have and coke or defaults etc 

RAS

Well, if they want to report anything to your credit record, they need evidence of the debt.

My best suggestion is that you refuse to communicate other than by letter, as that reduces the options for imagination.

Doesn't end it as there are always things that might, could legally happen if they miraculously discovered the paperwork etc.

Just make sure going down the line that you use the prove it letter to avoid acknowledging the debt and it will become statute barred eventually.  Won't stop them selling and send out the odd request for payment, though.

sourcrates

Just to clarify, its a written CCA request you want to make, not send a provit letter.

Failure to provide a copy agreement under sec77 CCA 1974 renders the debt unenforceable by act of parliament.

The provit letter kind of does the same thing, but a CCA request is backed by legislation, the provit letter is not.

Also if it came down to a settlement deal, you first obtain written conformation that any remaining balance will not be sold to any 3rd party agent, National debt line provides templates for that also.

fatbelly

The cca request needs to go by snail mail as you need to enclose £1. Uncrossed unaddressed postal order works ok

The settlement offer could go by email but you want confirmation of the deal on something with a letterhead

FuffaJ

Thank you all for your replies. Apologies I couldn’t login u til now. I’ve seen the debt is down as a closed account in 2018 on credit karma under closed accounts. Will this still come up as particularly settled if I go ahead with it? I also paid off in full and closed down capital one last month and I’ve never missed any payments there etc and that’s come up today as settled? I’m not not sure if that’s a good or a bad thing?