Advice needed on sold debt

[Palmers]

Hi, this is my first post on this site and hope someone will be able to offer me some advice.

 

I went through a situation in early 2008 where I lost my job and ended up defaulting on five seperate debts, all unsecured CC and loans totalling close to a whopping £20,000.

 

I did not deal with it properly and ending up sticking my head in the sand and hoping it would all go away. It didnt!

 

In short four of these debts were sold to DCA such as Capquest, Wescot, Scotcall

 

I have since contacted these companies in 2009 and made arrangements to repay on a monthly basis. However at the rate I am repaying I am looking at 10 years to clear the debts.

 

I have not seen my Credit report as my credit is shot to pieces and do not have a debit card needed to order one online.

 

therefore I have a number of questions.

 

1) do these companies update the credit reference agencies stating the debt is being repaid? abeit on a monthly basis.

 

2) I am thinking of borrowing some money from a family of member to help to clear these debts once and for all - do these companies accept offers of settling the debt, if so what percentage should I offer

 

3) If these DCA accept my offers, is the debt marked as settled on the credit reference agencies despite the debt not being paid back in full?

 

I hope someone can give me some advice.

[silverfox1961]

Hi and welcome to CAG

I have put some thoughts below (in red)

 

 

1) do these companies update the credit reference agencies stating the debt is being repaid? abeit on a monthly basis.

I have found that once a default is placed they don't show that you are paying, just updating the default with a new monthly date

2) I am thinking of borrowing some money from a family of member to help to clear these debts once and for all - do these companies accept offers of settling the debt, if so what percentage should I offer

This can be an utter minefield so I will explain more below

 

3) If these DCA accept my offers, is the debt marked as settled on the credit reference agencies despite the debt not being paid back in full?

If you have paid less than the full amount to clear the debt, they are more likely to put 'partially settled' instead of 'fully settled'

 

I hope someone can give me some advice.

 

With full and final settlements, you have to do this right as if you agree to pay a lesser amount in F&F and the creditor does not state that they will not chase for the balance nor pass the balance on to another DCA then treat it very carefully.

Hopefully this link to a F&F guide is working

http://www.consumeractiongroup.co.uk/forum/entry.php?202-Full-and-final-settlements-A-guide-for-the-rest-of-us

 

On to your credit file. You don't have to view it online. You can go the snail mail way. Here are the application forms for all threee CRAs

Experian

http://www.experian.co.uk/downloads/consumer/cfa.pdf

Callcredit

http://www.callcredit.co.uk/media/53063/creditfile-app.pdf

Equifax

http://www.equifax.co.uk/Products/credit/your_equifax_credit_file_0310.pdf

 

These also only cost £2 each

 

I hope that helps you get started

[Palmers]

Hi all, thanks for the replies.

 

However I am a little confused.

 

If I understand the advise people have kindly given, then it is as follows.

 

I should send a CCA request to the DCA thats are chasing me for the money.

 

Also I should only make settlement offers if the DCA agree to full and final settlemets or there is a danger these companies can sell on whats left of the debt and this means the cycle can start again.

 

Until I get this sorted I should drop my current repayments to a minimal monthly amount.

 

Many Thanks for everyone who has responded

[dx100uk]

id not pay ANYONE anything on a debt that does not show on my cra file.

 

i think you need to list your debts

 

dx