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I'm new and need some advice please!


Squishyfishy
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Hi

 

I'd like some advice please. I have lots of debt left over from my student days. I was paying reduced payments for a few years, and they were reducing slowly. However, I dropped the debt managment company as they were charging a ridiculous amount of money which I wanted to use the pay of the debts. The creditors then got stroppy and started wanted to do detailed finiancial analysis on a regular basis, started adding on interest, demanding more money etc.

 

Around this time I got married and moved house. I decided not to tell them for a few weeks as I needed a break from the stress. Anyway, for one reason or another it has now been two and a half years. I have not contacted them, they have not contacted me.

 

I feel really bad about this, I know I should be paying them back. I am also having trouble avoiding credit checks, as I want to avoid linking my names and addresses.

 

Part of me wants to ride it out and wait until the debts have expired. Another part of me wants to pay everything off and start afresh. The problem is, I want to pay it off on my terms - i.e. pay each creditor of with a lump sum which I have saved up, rather than pay regular tiny amounts which don't even reduce the debt in any noticeable way.

 

Any words of wisdom would be greatly apprciated.

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Hi and welcome to CAG :)

 

Im not a debt expert but it might help if you give more details as to what the debts are and who they are to :)

 

Saint

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I offer help and advice in good faith, based on my knowledge and experience. I am NOT a legal or financial expert. There are many CAG members and site team who are better qualified. Please do not make major decisions based on my advice alone.I do not give advice via P.M's. If anyone can correct my mistakes or improve on my advice, please do.

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There's quite a big one to a major bank (cancelled my overdraft and forced me to convert it into a loan which I couldn't afford to pay back - around £3K) around £1k on an egg card, AA loan, around £1-2K, and two credit cards, £500 and £200. All unsecured. I feel really bad but I'm not even sure how much I owe to the bigger ones - hhave been a total ostrich!

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Debts become statue barred six years from when you last acknowledged them. I would keep a note of when you made your last payment on each of them. If you are approached by any DCA's never acknowledge the debt. You can always post again should you need any further information, but if you could read the forums you will find a lot of self help.

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Pros & Cons

 

Since its been at least 2.5 years since you acknowledged the debts then you have 3.5 years to wait till they become statute barred. If you contact them or they find you AND you make a payment this will start ticking at day one again. If they do find you then they will mark you credit file with the defaults and you won't get (decent) credit anyway.

 

If you really want to pay them off and you tell em where you are then they are gunna mark your credit file anyway for six years.

 

1 route maybe to go via a mailing address PO Box number and communicate via this and contact them 1 at a time and pay them off.. But don't give them 100% make them offers low at first and work up to a amount they will accept. Not sure about the legalitys of using PO Box numbers they can be traced but I think you need the police or a court to do this. but if its possible then you would hold the aces they cant threaten to scupper your credit rating and or visit you at home.

 

Its going to have to be your decision.....

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Thanks for the great advice everyone. I don't think the statute barred thing will apply, as I haven't given them my new address. I think I will contact them one at a time as and when I can afford to pay, but without given them new details - use a c/o address or something. I don't want to spend years worrying about them finding me.

 

Thanks again.

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