Reducing my debt with another loan?

Nafta

I am trying to bring my outgoings down and so far I have managed to do it with most bills but I have a loan for a car. Because of my situation is high interest. I still have three more years to pay and I am wondering as my credit score is improving. Is there a way of getting a new loan at a lower interest to pay this one off and being my monthly payments down? 

Selling the car won’t pay it off and besides because of family and work commitments and responsibilities I do need the car.
any advice much appreciated.

Nafta

I changed banks a few years back and the account I changed from had an overdraft left unpaid and not used at all. It has been more than 7 years since and I am now getting letters from debt collectors saying they will be visiting my house. 

What can I do to stop them and also I would like to know if an overdraft debt can be statued barred after 6 years?

fatbelly

Debt collectors have no powers so visits are unlikely. Just ignore them if they come

An overdraft can certainly be statute barred six years after the cause of action. That is usually taken as being the termination of the account, which could be several years after you walked away from it.

Nafta

I opened two accounts with Natwest, one in 2017 and the other with the same bank in April 2019. I opened these accounts to transfer my wages and bills from Santander and try start afresh. Why is it then than on one report it says that the Santander account is still open and that it was defaulted in Nov 2019? I believe it was the one opened in 2017 that was the one I transferred from Santander, but even it we count from the date of the other account, Santander should be now statues barred? 

ScottishNotAmicable

Best to contact the Bank anyway and tell them whats happening and since seven years have passed they are too late. Google and see what the relevant law says and quote it to them.

RAS

ScottishNotAmicable said:

Best to contact the Bank anyway and tell them whats happening and since seven years have passed they are too late. Google and see what the relevant law says and quote it to them.

No. Best to check all three of your credit records and see if you can find details of the default.

If this is close to being statute barred (6 years after the default), you could reset your liability by contacting the creditors.

Nafta

RAS said:

ScottishNotAmicable said:

Best to contact the Bank anyway and tell them whats happening and since seven years have passed they are too late. Google and see what the relevant law says and quote it to them.

No. Best to check all three of your credit records and see if you can find details of the default.

If this is close to being statute barred (6 years after the default), you could reset your liability by contacting the creditors.

Thanks for your comment, please see my edited reply 

sourcrates

Accounts can stay dormant for many years before they get defaulted, is the debt on your credit file or not?

If not, that adds weight to the theory that its possibly statute barred, as accounts are removed 6 years after default, from your credit file.

Which debt collector is it? feel free to name them, then we can advise you on what`s best to do.

Nafta

sourcrates said:

Accounts can stay dormant for many years before they get defaulted, is the debt on your credit file or not?

If not, that adds weight to the theory that its possibly statute barred, as accounts are removed 6 years after default, from your credit file.

Which debt collector is it? feel free to name them, then we can advise you on what`s best to do.

It does show on my credit file and it says defaulted Nov 2019 even though I had been inactive since 2017. The debt collectors are Cabot Finacials. 

sourcrates

Cabot are not debt collectors, they are a debt purchasing company, so they now own your debt.

And going by those dates (cause of action date is deemed to be the date of default after appeal court hearing) its not going to be statute barred until November this year.

I would stay radio silent for as long as you can, don`t contact anyone, they have 5 months to start a court claim, try and stay under the radar till after that date.

If a doorstep collector does call, you`ll likely only know about it from the card they leave, its important to note, you don`t have to speak to them, they have no more power than any other member of the public, and you can ask them to leave, or ignore them at your leisure.

Lastly its most important you don`t acknowledge this debt in the meantime.

Nafta

sourcrates said:

Cabot are not debt collectors, they are a debt purchasing company, so they now own your debt.

And going by those dates (cause of action date is deemed to be the date of default after appeal court hearing) its not going to be statute barred until November this year.

I would stay radio silent for as long as you can, don`t contact anyone, they have 5 months to start a court claim, try and stay under the radar till after that date.

If a doorstep collector does call, you`ll likely only know about it from the card they leave, its important to note, you don`t have to speak to them, they have no more power than any other member of the public, and you can ask them to leave, or ignore them at your leisure.

Lastly it’s most important you don`t acknowledge this debt in the meantime.

Thank you for the advice.