I'm on the run from my debt!!!!!!

Orly_2

Hi all -

I would really appreciate some sensible imput on what I should do about my current situation.....

7 years ago, I was 19 and a new student. I was obviously young, stupid and must have thought I was infallable! I took out 2 student accounts, and ran up 2 student overdrafts. A year later I took out a personal loan. I took out a mobile phone contract and sometime down the line I ran up quite a hefty bit of rent arrears. I guess I was about 21/22 at this time. I was overwhelmed by the amount of debt that I was in ( I guesstimate £8,000 - £10, 000 ) - so I moved house and failed to notify any of my debtors.

What that then ment that I wasnt able to even get a current account, and so for the next couple of years I got by using one of those savings accounts you can have when your 12 years old with a cash card.

The when I was 24 I had to sign on for jobseekers allowance and NatWest gave me a step account with a solo card for my payments. When I did get a proper job I had my wages go into that NatWest account and recently they've changed my account to a normal one with a debit card, cheque book, cheque guaruntee card, and offered me an overdraft and a loan which I declined.

So here I am today - a bit confused!!!!

I am in a proper job now. I think that I would like to get on the straight and narrow and sort out my old debts. One of my debtors were able to contact me at my latest address and I repaid them in full. How they found me I have no idea. I also tried to do one of those online credit check thingys and when I put in all my details it just came up that I had to phone them. That scared the pants of me so I didnt do anything more.

I have no idea if I have CCJs, or if my old debtors can still get me. Im bamboozled as to why NatWest offered me credit. I recently tried to set up a contract phone but that was declined. Ive moved a fair bit in the last couple of years. I just dont know where to begin. If I stick with NatWest will I be okay?????? I'd hate to be the reason why me and any future partner could never get a mortgage.

If anyone has any enlightening infomation or advice Id really appreciate it. I know I cant work this out on my own. Cheers -

Orly

waddy_2

dont know quite how to help you but thought id send you a good luck message and a well done for starting to sort yourself out, my reply will bump your thread back to top so hopefully someone more clever than me will be along shortly with some good advice.

GeorgeUK

Not really come across that before, but i think the place to start would be with your credit report. For the free one from Experian, a few people have said that after they gave their address there, the DCA's got in touch with them about old debts. So if you are sure that you want them to find you and are prepared for that, then this is probably the way to go. Not sure why the credit agency would have wanted you to contact them, but there's only one way to find out.

If a debt has had no payments made towards it for 6 years (5 in Scotland) and you have not acknowledged the debt in writing, the debt may well be statute barred. This would mean that the debt was unenforcable and you should pay off any other debts before attempting to repay this - if you were inclined to.

You could request a copy of the credit agreement for loans and Credit cards. If they cannot provide a copy, the debt would be unenforcable outside of court. Alot of DCA's are quite ruthless in pursuing money owed. If you are in a position to make a "full and final" settlement offer of a % of the debt using savings then you will probably be ok.

If you are not on the electoral register, then that may affect your credit score so make sure of that - then make sure your contact details etc are correct with all 3 of the credit agencies. This could open the floodgates, but it sounds as though you are wanting this sorted once and for all - you may need to jump in and try to swim.

We're always available with advice and support so hopefully it won't be too worrying once you start.

good luck

Orly_2

Thanks guys -

GeorgeUK - this quandry is exactly my problem. Half of me wants this sorted out so I know where I stand and I can be on the straight and narrow and the other half is scared to death of a flood of Debt Collection Agencies banging down my door!!! It was all the harassment in the first place that made me shut the door on the whole thing.

Its such a dilemma. Its like you need a degree in finance before I can know what Im letting myself in for. Its the complication of the whole thing that generally means I continue to ignore it.

I feel a bit more enlightened - but essentially none the wiser

Orlypops

GeorgeUK

What is your current financial position? Known debts etc?

You could contact nationaldebtline, CCCS or CAB to seek advice on the best way to go about getting closure on all this. Don't forget they will probably have been adding interest or charges to those accounts you have forgotten.

I have outlined some of the ways to deal with DCA's above, but it may be that you will need to bite the bullet. If you're not able to get credit right now, then your credit score may already be shot. You could arrange to set up a debt management programme (DMP) and pay small amounts to each debt until it is all sorted or you can make an offer of between 30%-60% of the debt.

If you have CC debts you may also be able to reclaim the charges back and reduce those debts. I'd have a word with one of the free debt charities about this.

(Taken from Fermi's signature)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

poppasmurf_2

Orly wrote: »

Thanks guys -

GeorgeUK - this quandry is exactly my problem. Half of me wants this sorted out so I know where I stand and I can be on the straight and narrow and the other half is scared to death of a flood of Debt Collection Agencies banging down my door!!! It was all the harassment in the first place that made me shut the door on the whole thing.

Its such a dilemma. Its like you need a degree in finance before I can know what Im letting myself in for. Its the complication of the whole thing that generally means I continue to ignore it.

I feel a bit more enlightened - but essentially none the wiser

Orlypops

You made a paper trail, when you got the natwest account.
Or when you signed on or when you put your name on the voting register.

It has been known for creditors and DCA's if they have a puzzle of a debt to just send it to all the people with the same name. And see who phones to claim it.

1: If you had not acknowledged your debt for 6 YEARS or 5 in Scotland, then you would have been debt free. As after that length of time the CCA contracts become useless[FONT=&quot].
Consumer Credit Agreement (CCA)
DEBT COLLECTION AGENY (DCA). [/FONT]

2: If you get any more requests for the debts to be paid, always use a paper trail, ask for the original CCA's if they cannot produce them in 30 days then the debt is unenforcable.

3: If you like move to the USA.

Dont know how accurate the above is its close to the truth.

poppasmurf_2

Run Forest Run :-)

poppasmurf_2

Orly wrote: »

Hi all -

I would really appreciate some sensible imput on what I should do about my current situation..
I have no idea if I have CCJs, or if my old debtors can still get me. Im bamboozled as to why NatWest offered me credit. I recently tried to set up a contract phone but that was declined. Ive moved a fair bit in the last couple of years. I just dont know where to begin. If I stick with NatWest will I be okay?????? I'd hate to be the reason why me and any future partner could never get a mortgage.

Orly

If you want your credit reports, go here
http://www.creditexpert.co.uk/
this will reveal any CCJ's County Court Judgments and all and I mean all of the debt you have ever collected.

If it all seems to much then there is this website packed with useful information
http://www.nationaldebtline.co.uk

Anyway get in touch and tell us all how or what you do next.

Night-owl_6

Contact CCCS


http://www.cccs.co.uk/

Orly_2

Hmmmm,

Interesting stuff guys. All the debt I do have has been pretty much unacknowledged since 2004. I cant think of any occasion where I attempted to sort it out. Soooooo - what I get from what you say is if I can make it to 2010 without acknowleding it then I never ever have to pay it?????

Is this true????? Really????

And if I did do this will I ever ever get credit again???? Ever????

Natwest refused me a credit card!

Can a emigrate to , lets say Australia, still???

So much to think about -

Orly

poppasmurf_2

How havent you been made bankrupt by your creditors?

http://www.nationaldebtline.co.uk/england_wales/

Do look at the above.