Please Help-Problem Debt and Thames Credit

noely1

This is my first post so I don't if I am doing this right. I have listed some of my major debt problems. I don't know if I should have posted each point seperatley but I have just put them all down. Please help and advise.

1.I defaulted on a student overdraft in last year of University in 2003. I didn't actually default Barclays sold the account to a debt agency as there was no activity in it. This was ultimately passed through debt collection agencies and has ended up with Thames Credit. Anyway Thames Credit tracked me down and I agreed to pay back £65 per month. This has been going on since 2006. However they still have me as defaulted on my Credit file so paying them isn't helping with my credit score. Basically I can't get credit. The file just says defaulted 2003 and doesn't give me any credit for paying £65 per month for the last 2 years.



1. Thames Credit never supplied me with proof that Barclays ultimatley assigned my debt to them. I just accepted the debt was mine and have been paying. From searching the internet I have found out that the Debt Collection Agencies some times buy the names of people who owe an original debt but that the Debt is never actually officially or more importantly LEGALLY assigned to them. Can i still write a validation letter to Thames Credit?
Or because I have been paying them for 2 years have I missed my chance?

Basically if they have no legal right to the debt and are just chancing their arm I wan't to start a process to stop paying them. I know I owe the money but if the bought my debt for a few hundred pound if even and I have already given them more than a £1000 I really don't care if I don't pay the full balance. If they have no legal right I don't want to pay.

Can I do this and if so how?

2. With regards the 6 years rule regarding limitation on legal action if I stop paying now will that start the 6 year period. Is non-payment good enough for not acknowledging the debt anymore. I am unlikely to do this I just don't really know how it works in practice.

3.The debt on my Credit file say Account closed on 22 September 2003.
The Account amount was £3,400 overdrawn. This became a debt amount that was ultimately owed to Thames Credit

I have cut and paste the debt on my Credit file.


Company type:Debt CollectorAccount type:Bank DefaultLast updated:7th November 2007Current balance:Account closed on 22/09/2003 with an outstanding balance of £2,362.00


SEP

2003




Does this mean the debt will be removed from my Credit File on 22 September 2009 regardless of whether I owe Thames Credit any of the Balance or not?
Or will the 6 year period start from my last payment. Beacuse I have been paying will it not be removed six years after default?

Again I am really cluless as to how the system works and just want pointed in right direction.

4. I have the same name and address as my father. Basically i bought my credit files from the 3 agencies and the Credit Reports they supplied me with my information is mixed up with his. For example they list all active accounts and they list both my fathers accounts and mine. It clearly states his name and date of birth which is 1949. Then it list my two accounts and my dob of 1981. So basically this supposedly one Credit Report contains the details of two seperate people. Is this common? Is this right or can I have this changed. Most of the information contained in the reports is about him.

Basically I think they have supplied me with my father's Credit Report with some of my details mixed up with his. Some debts that I thought I had weren't on there at all.

Should i contact the agencies and see if I have another file that is really mine containing my further debts. Or are the files supplied to me right and that is all the information they have?
Basically I am working now and just want a clean slate. I want to source all debts and clear them.

But more importantly my father has had his credit slashed by his credit card provider. He has a large limit on it and he pays off all his debts in full each month. The default notice by Thames Credit had ruined his Credit Score and his provider has slashed his available credit to a fraction of what he has had for years. I feel really guilty and want to know how I can remedy it for him.

1. Pay Thames Credit and clear the file.
2. Can we seperate my debt from his file?

After all it is my debt not his. Or am I being naive and this is just the way the system works. Can I seperate my bad credit from my father's good credit. Because I live in his house should he resposnsible for my bad debts. Is this the legal position.



Any advice anyone can give will be greatly appreciated? I know i have asked for alot of help but it has all came out in a torrent. Even if anyone can answer even one of the points it would be a great help. I have buried my head in the sand and just want to take control and sort out the disaster that is my finances.

Thanks,

Noel

red74

Hi Noel, welcome to MSE :hello:

I'm afraid I can't give you very much practical advice as I've not had to deal with credit reference agencies, but I'm pretty sure your dad's report should be separate to yours. It might be worth contacting the agencies and explaining the situation, then they should be able to sort out any errors.

I'm sure you'll get loads of much more helpful advice from the much more experienced DFWs on here, but it's quite late so you may get more of a response tomorrow.

Congratulations on starting to get all this dealt with and best of luck with the journey!

Red x

mike.j.smith

Hi Noel,

Unfortunately you've fallen into the trap that all these type of companies set.

It was a legal requirement of Barclays to inform you that the debt had been transferred to Thames Credit. Without official notification you had no obligation to pay Thames Credit a penny. By paying back £65 per month for the past two years it's almost certain that Thames Credit have already made a massive profit as the debt would have changed hands for pennies. It could also be seen that you have acknowledged the debt to Thames Credit by paying back this money every month, and even if you stopped paying now, the debt would not become Statute Barred until 6 years from the date of your last payment.

My advice would be to stop the payments immediately on the grounds that Thames Credit have not proved to you they now own the debt. Until they do so they do not have a legal right to the money you have already paid them.

If they provide you with proof, it would be in your interest to negotiate a settlement figure. In view of the size of the debt you should be able to negotiate at least a 50% discount, and insist on it being calculated on the original figure NOT on what you still owe them. They are almost certainly already sitting on a massive profit, so stand your ground and don't be taken in by threats or intimidation. Thames Credit know the score, and if they duped everyone in the same way they have duped you they would be looking at an ultra huge profit margin by the end of the year.

It's unfortunate you started the payments without legal proof they owned the debt as it would not be far off of being Statute Barred. Try to negotiate a favourable settlement and don't back down, the scavengers have almost certainly made a huge profit from you already.

Mike