Hi there.

I have been continuing paying my debts for over 6 years through the CCCS. I am aware that I have a duty to pay off my debt, but I thought that after 6 years the creditor will have lost his right to sue for the remaining balance.

Not if your paying they don't

You are refering to a statute barred debt where no payment or acknowlegement has been made within a 6 year period (5 in Scotland)

So sorry your creditors can still take legal enforcement action should they with

Hi

I think you have the wrong end of the stick. You are thinking of Statute Barred where NO payment nor acknowledgement of a debt has been made in the prceeding 6 years (or 5 in Scotland)

Even by paying the very minimum, you are resetting the SB clock and with that they also retain the right to sue

Thank you for the info.

I'm 62 years old and if I were to continue repaying the debt I would be 72 or dead.

If you are paying your debt over longer than 6 years then CCCS would normally suggest bankruptcy. I can only presume you lowered your payments during this period.

What sort of debt is it?

Are there any charges you could reclaim?

I can't go bankrupt as they would go for my house. Is there any other way of ending this nightmare?

I can't go bankrupt as they would go for my house. Is there any other way of ending this nightmare?

Without giving us some details we can't help much

I owed over £27K 7 years ago to various creditors, joined CCCS they worked out a repayment plan and I've been paying £125.00 per month since. I own a house that has equity in the house but I have no other savings. I am still working. What other details would you like?

That's fine thanks

If any on those debts are overdraft debts this advice does not apply

For the other debts that may be loans/credit cards/hp agreements, do you know if you have paid any late payment/overlimit fees/ Payment protection insurance.

If so we can help get them refunded (the PPI if it was mis-sold)

If you don't know or haven't got all your statements, it would be worth sending each creditor a Subject Access Request. OK, they cost a tenner each but you never know what juicy information they would bring back.

With CCCS, did the creditors agree to freeze interest and charges?

Most of these debts have been taken over by debt collection agencies, so if I ask for a subject access request it's not going to reveal any history before the agencies took them over. Or am I wrong in the assumption?

As far as I am aware the interest charges have been frozen.

Just one other thing, if I was to offer a full and final settlement, would I be right in assuming they would not agree as I have equity in my house?

If you send a SAR, you would send it to the original creditor not the debt collector. When they get assigned or buy the debt, they get very little info so it's pointless sending them a SAR.

CCCS should be able to tell you if the interest has been frozen or not.

I hold no respect for DCA's but they sometimes have their uses. When they buy debts, they pay significantly less than the true value of the debt and try to collect the full amount. Some of them are quite happy to accept a F&F, some will be awkward.

Until you know where you stand in regard to fees charged, I suggest you carry on paying.

If the creditors have added charges on that you have paid, you can reclaim them with interest and while it may not clear your debts, it could significantly reduce them

Thank you for the advice. As you say, it's not going to clear the debt but it might reduce it.

Regarding the DCAs, they have been happy to collect my monthly payments through the CCCS. If I was to make a F&F, could I be stirring up a hornets nest as they would then realise they could take a charge on my house in case anything happens to me or if I stop making payments?

For anyone to put a charge on your property, it must first go to court. You are paying! They shouldn't go near a court. Some would welcome the F&F as it means less paperwork and more profit

If they did go to court and got judgement against you, the judge would order you to pay what he (or she) thought was a fitting sum. this might not be as much as you are paying now. If you failed to pay the judgement, they could go back to court and get a charging order.

You are not rocking the boat, just exercising you LEGAL rights

If you were to offer a F&F, make sure they are aware it is from a third party

Now I am totally confused!

I've just downloaded my credit report from Equifax and it shows only 3 defaults. There is no mention of Egg Loan or Egg Card or a debt of £7K I owe to First direct which is currently paid to CL Finance. Egg Loan, Moorcroft and CL Finance make up £16K of the £22K I owe to my creditors. Should I still write to Egg and Moorcroft?

Some defaults may be over 6 years old and as such have fell off your file even though you are still paying

What defaults are still showing?

You are right. The other 3 defaults I have are in 2005 and 2008. So my concern is if I send an SAR and a CCA to Egg and Moorcroft, can they reinstate the defaults on to my file even though the defaults are over 6 years. I am particularly concerned about Arrow because as far as they are concerned this is a new debt and they could register it as a new debt. Or am I wrong?

The other thing that I can't understand is what is technically called 'Credit Rating'. Experian have rated me 'Good' with a score of 900, yet Equifax who show the exact same information as Experian, rated me 'Very Poor' with a score of 292. Can you understand this?

If you stop paying they can only send threats. They cannot go to court without the paperwork. If you want to make a F&F I'd hang fire. If you decide to stop paying they will spend a few months chasing you and then they will offer you a reduced settlement. Whilst you are paying, a F&F is not attractive to them unless it's a big percentage. It is possible to get a 80 or 90% reduction in time and meanwhile they cannot trash your credit file. Think about it, with no paperwork they are up dicky's meadow if you choose to play it that way.