Need Advice About Full and Final and credit report

[Sammy_876]

Hi,

 

Wondering if anyone can help me.

 

Due to some unfortunate circumstances many years ago, I got into around £8000 worth of debt.

I am still owing this money and really want to get it sorted as it has had a big effect on my life.

 

A family member has offered to pay £2000 towards the debt for a full and final agreement.

I would really like to get a mortgage at some point in the future

and am pinning my hopes on having a better credit report in 4 years time

(once the date of my last default, Feb 2012, falls off the report due to its age

- the debts themselves are from 7 or so years ago)

 

What I would like to know is if I make a full and final agreement now, will that update the credit report to now?

ie. so that I will have to wait 6 years instead of 4 for a clear credit report? (last default is 4 years ago)

 

I don't know if this is the same sort of question,

but I noticed that my credit report has a 'date updated' section

and that one of my creditors had updated this section recently.

 

Because this section was updated does that mean that the debt has been brought up to date,

i.e. again will I have to wait 6 years instead of 4 before it disappears if I do a full and final?

 

Any advice would be greatly appreciated.

Edited August 11, 2014 by Sammy_876

[Conniff]

Welcome Sammy.

 

You say the debts are from 7 or so years ago, when did you make your last payment ?

 

If you submit a full and final and it is accepted, make sure that the debt is then written off and will not be sold to someone else to start collecting. This has been done numerous times where they claim the full and final was with them and they then sold it on to someone else to collect the remainder.

 

Don't volunteer payment until you have all the details of the account.

[Sammy_876]

Hi Conniff,

 

Thank you for your reply. There are 4 separate creditors and the last payment for all of them was around January 2011.

 

Thanks for the advice re. full and final, I will make sure to add this clause into my letter

Edited August 11, 2014 by Sammy_876

[dx100uk]

All references to a defaulted debt must be removed from your credit files after 6 years

has passed from date of default, whether paid off or not.

.

the WHOLE ACCOUNT WILL VANISH, never to return.

.

however, this does not mean the debt itself is not still owed

consider a CCA request.

.

This is so that someone who continues paying something

- even after 6 years from default

- should not be at a disadvantage to someone who pays nothing after default

and ends up with a clean file after 6 years.

 

 

I question your wisdom in paying anything

 

BEFORE you CCA everyone & look at PPI & penalty reclaiming

 

who owns these debts?

 

what type are they

 

paying the debt now

will NOT improve your credit rating

nor make the default go earlier

 

dx

[Sammy_876]

Thanks very much dx.

 

So that would mean that no matter whether I pay the debt or not,

it will disappear 6 years from the last default date?

Even if other parts of the record have been updated?

 

The debts have already been sold on to collection agencies and they are all credit card debts.

 

I see what you mean about paying not making any difference to my report,

I was hoping that if I settled them then at least I could work on rebuilding my report

so I could apply for credit earlier but I'm guessing I'll struggle to qualify for any credit until the defaults have dropped off.

 

I'm concerned about the DCA still contacting me in the future and would really like to not have the debts hanging over me.

 

However, I'm also wondering that since I've had telephone contact with them during this time,

that that will stop the debts from becoming statute barred?

(I heard that statue barred only applies of you have had no contact

and although it's not what I want I'm interested to know if its an option)

 

I'm also confused between the difference between statute barred and the debts just dropping off the credit report after 6 years?

 

If I write to them asking for full and final and they don't accept it,

does that will mean they can still chase me after 6 years and the statute barred will be void?

 

I just don't want to put myself in a worse situation than I already am.

Edited August 12, 2014 by Sammy_876

[dx100uk]

if they are all credit card debts

 

fire off a CCA request to each one with a blank £1PO

DO NOT SIGN THE LETTERS.

 

if they cant produce them then all they can do is write silly letters.

they cannot enforce in court

 

there is NO direct relationship between defaults 6th birthday & the SB date.

and NO telephone comms DOES NOT reset the SB clock.

 

however just remember that 'just because' the debt vanishes

it does not mean its dead

[Sammy_876]

Hi Dx,

 

If I don't hear anything back after I've sent off the CCA,

does that mean they can't enforce the debt on me?

i.e. the agreement with them no longer exists

and I may not have to pay it?

 

I'm guessing that once I hear back from them with the original agreement

then I send in my F&F letters and try and negotiate,

 

but what if they can't find my agreement,

does that mean my credit agreement with them is no longer valid?

and I may not have to pay it?

Edited August 12, 2014 by Sammy_876

[dx100uk]

deal with each one as it happens

 

there is no legal compulsion to pay anyone on a debt

an enforceable agreement cannot be produced on.

 

you need to investigate reclaiming too.

 

dx

[Sammy_876]

Should I put in for the PPI reclaim first before I do the CCA (or will it not matter since the debts are now with collection agencies and I would be claiming from the original company?) or can I just send both at the same time?

[dx100uk]

if you can cope

 

do it at the same time

 

have a read up about PPI below.

 

dx

[Sammy_876]

I'll start on both of them today.

 

Thanks very much for your advice dx. It's really helped