Settling old debts

jones_guitar

I have four old debts. All defaults have now dropped off. Three out of four were writing to me offering to settle at 20 percent. Meaning an 80 percent reduction.

I might ask them for the original credit agreement and cease all contact. Can anyone advise?

sourcrates

Yes, good plan, standard procedure with old and sold accounts.

fatbelly

If you didn't acknowledge them during the six-year period the default was showing, they are also statute barred.

Which is why they are offering a huge discount.

Probably safe to ignore if you want to.

jones_guitar

I actually paid £1 for four years.
Never completed any income and expenditure.

So, if they cannot provide a credit agreement cease all contact?

jones_guitar

Also, I guess, if an old debt is still with the original credit agreement holder, then there is no point putting in the request, as they'd most likely have it?

sourcrates

Oh you would be amazed how inept Banks can be when it comes to retaining paperwork.

You have nothing to lose by exercising your consumer rights.

If they can`t produce anything, then they cannot obtain judgement against you in court, how you then deal with that creditor is entirely up to you.

jones_guitar

So, even a third party need to produce this?

Do creditors really hand over the credit agreement?

sourcrates

jones_guitar said:

So, even a third party need to produce this?

Do creditors really hand over the credit agreement?

Section 77/79 Consumer Credit Act 1974 is the legislation.

It is one of your statutory rights under the act.

It applies to any unsecured CCA regulated credit agreement, so long as there is still a balance outstanding, no matter who owns the debt, or how old it might be, this section of the regulations must be complied with, upon written request from the debtor, and accompanied by the payment of the statutory £1 fee.

If they don`t or can`t comply, then the debt remains unenforceable until they do comply, no matter how long that me.

jones_guitar

So, what would I do if they don't produce one? Cease contact?

stu12345_2

they want you to pay your £1 for ever or until you earn more, they can't force you ever to prove your income, only a court judge can if you ever got a ccj.

and if they can't produce a cca then they can never take you to court and win
. then you can start the 6 year clock again by ignoring them.

if they don't produce one or ignore your request, then they still can't take you to court and win.

they will then probably offer you 90% discount at that point imo.

when did you last give them £1 or acknowledge the debt

jones_guitar

Earlier, this month. So, would I contact the owner or appointed collection company?

I'd settle at 10percent. This is where I am and am not budging.