F&F settlement now or later? scotland

[staubsaugen]

I have two debts both with Lloyds TSB. One is credit card which is approximately £3000

 

The other is overdraft which is around £2000, I've sent off for my credit file to get exact amounts and dates etc.

 

Ive buried my head in the sand and not had any correspondence or payment to either for some time.

 

 

I looked through my bank statement and the last payment I can find was Novemeber 2010.

The default date was some time before that.

I began paying a small amount each month after it defaulted but my circumstances were so dire

and the stress of dealing with the constant phonecalls etc asking for more meant I naively just ignored it and could no longer pay.

 

I received a letter this year informing me that the debt was now assigned to 1st Credit. I'm assuming they bought it cheap from Lloyds TSB.

 

Since then my circumstances have changed for the better and I am now ready to tackle my debts.

I began saving up what I could and when I got a letter from 1st Credit offering a reduction,

I looked up my options online and discovered what happens with a Full and Final settlement is agreed.

 

as I understand it, in Scotland when 5 years have passed since acknowledgement of the debt/last payment

- does the debt become no longer enforceable?

But surely I still owe the money so where does that leave me if that 5 years runs out before I can pay it back?

 

Also after that time, would I still be able to make an offer or what would happen?

I've read that people can be taken to court and made to pay the full amount,

if I was unable to pay the full amount would they accept an offer,

would I have a CCJ if unable to pay?

 

I'm not sure what to do at this point.

I'm worried that if I contact 1st credit and tell them I am able to pay something now

that they will take a few payments and then demand the rest, which I don't have.

 

Once I have the default dates etc from my credit file I will update,

until then, thanks in advance for any suggestions.

Edited August 25, 2014 by staubsaugen

[dx100uk]

a debt is extinguished in Scotland after 5yrs of no acknowledgement.

 

 

you owe NOTHING THEN.

[staubsaugen]

With 1st Credit knowing this rule, does that mean that they will likely put pressure on my as the 5 year mark approaches?

 

Should I be aiming to pay them off before then?

 

 

I'm worried that if I haven't

 

 

they will take me to court and

 

 

I won't have the full amount,

 

 

ending up with a CCJ.

[dx100uk]

an sar to Lloyds might reveal PPI/PENALTY charges to reclaim.

 

 

you don't get CCJ's in Scotland either.

 

 

there are plenty of way to bat them off

 

 

first of which is a CCA request

atleast for the card.

 

 

why cant you get you CRA file from noddle online below?

 

 

don't forget

a DCA IS NOT A BAILIFF

 

 

dx

[staubsaugen]

If not a CCJ, could they pursue me and result in a decree?

 

I've never been able to access Noddle,

 

 

always comes up with 'cant be verified' despite trying two different cards.

 

 

Have contacted them and they just reiterate that they cant provide me with a credit report at this time.

 

Surely if I try to reclaim charges this will mean I reset the 5 year clock?

 

 

If I send off a CCA request for the credit card,

 

 

what should I do for the overdraft?

 

 

Worried that if I take them to task with the CCA thing,

I am unarmed when it comes to the overdraft?

[dx100uk]

your best bet is to read around.

 

 

the debts have been sold on?

 

 

you've received Notice of Assignments?

 

 

what does that tell you of how confident LLoyds were of winning in court huh?

 

 

a big bank against a very small worried person?

 

 

why do you think they ran away from that then and sold the debts on.........?

 

 

get an sar done

 

 

that will give you the reasons I bet.

 

 

dx

[staubsaugen]

Thanks, but I'm sorry to be naive... what should I be looking for in the SAR. Is it just a copy of my statements and agreement and any dealings I've had with them?

 

Would have no idea what to be looking for and then what to do with it once I have received.

 

I did have quite a lot of charges when I had the overdraft, part of the problem that caused it to become impossible to sort out, cos the charges kept piling up and making me even more overdrawn etc.

[dx100uk]

there you go then

unlawful bank charges

 

 

an the credit card will be the same.

 

 

sar time.

 

 

dx

[staubsaugen]

So the charges make the debt unenforcable?

[dx100uk]

nope didn't say that.

 

 

however, the PENALTY charges are unlawful.

 

 

why are you so bothered by these debts?

 

 

have you been getting letters?

 

 

have you had discount offers over the years?

 

 

we are blind here till you tell us what is going on

and why , after almost 5yrs, it suddenly concerns you?

 

 

dx

[staubsaugen]

Penalty charges, ie unauthorised overdraft fees etc?

So they are unlawful.

 

 

Still no idea how that has any bearing on me owing money.

If I do an SAR, what exactly am I looking for and what do I do with that info if and when I find it?

 

Why am I so bothered by these debts?

 

 

I always have been but now I am in a position to actually sort them out

and pay them off whereas before I had no option but to ignore and stupidly hope they would go away.

 

Have I been getting letters?

Now and again yes, also have a number calling me most days which I don't answer.

 

Yes I've had a discount letter a few months back offering a 20% reduction.

 

My long term plan is to get rid of debt and

now I have the option to put money into savings for the first time in my life.

 

 

After default drops off credit file I would like to consider a mortgage.

 

Being taken to court over debt will be the last thing I need.

[dx100uk]

the key here will be the defaulted dates

and evidence of unlawful charges

 

 

paying the debt off

even if you think you are morally obliged too

will not remove the defaults

 

 

and will not improve in the short term your credit,

 

 

till the defaults go on their 6th birthday then the whole account will vanish too

 

 

your chances of getting a mortgage are slim

 

 

till then your worry is legal action

that would extend this period by another 6yrs

 

 

if 'no-one' has done so so far

then one wonders why not?

and why , they'd start now?

 

 

dx

[staubsaugen]

I am aware that the defaults will be visible on my file for 6 years and I am aware that while they remain I will be unable to get a mortgage.

 

As I explained, that is a plan for a few years down the line. As far as I remember the default dates were 2009 or thereabouts, meaning that I will have a better chance after 2015.

 

My concern is that by waiting it out, I am leaving myself open to then resetting the 6 years with court action.

 

Like I mentioned earlier, while I too would wonder why they would choose to do this, I'd feel better knowing they can't pursue me anymore.

 

I always planned to clear these debts and since I'm in a position to do so, want to ensure that I don't end up with a trashed credit profile for another 6 years.

[BRIGADIER2JCS]

I am aware that the defaults will be visible on my file for 6 years and I am aware that while they remain I will be unable to get a mortgage.

 

As I explained, that is a plan for a few years down the line. As far as I remember the default dates were 2009 or thereabouts, meaning that I will have a better chance after 2015.

 

My concern is that by waiting it out, I am leaving myself open to then resetting the 6 years with court action.

 

Like I mentioned earlier, while I too would wonder why they would choose to do this, I'd feel better knowing they can't pursue me anymore.

 

I always planned to clear these debts and since I'm in a position to do so, want to ensure that I don't end up with a trashed credit profile for another 6 years.

You need to find out the exact date the accounts were defaulted, just the year is of no real help.

 

 

Try Equifax and/or Experian these are more likely to be up to date. Both have 30 day free trials, just cancel before the 30 days expires.

[staubsaugen]

You need to find out the exact date the accounts were defaulted, just the year is of no real help.

 

 

Try Equifax and/or Experian these are more likely to be up to date. Both have 30 day free trials, just cancel before the 30 days expires.

 

I've sent off for a report through experian, costing £2.

 

I had an experian membership a few years ago so I'm unable to take another free trial.

 

They will send me an access code thing and I will be able to view it online.

 

Once I have those dates I will update. But in the meantime the advice here is to pursue them for unlawful penalty charges?

[BRIGADIER2JCS]

I've sent off for a report through experian, costing £2.

 

I had an experian membership a few years ago so I'm unable to take another free trial.

 

They will send me an access code thing and I will be able to view it online.

 

Once I have those dates I will update. But in the meantime the advice here is to pursue them for unlawful penalty charges?

 

 

 

Most definitely pursue the charges.

[staubsaugen]

Most definitely pursue the charges.

 

If successful, would they offset the refund against the debt owed. And if so, would this constitute an acknowledgement or payment, resetting the statute barred clock?

[BRIGADIER2JCS]

If successful, would they offset the refund against the debt owed. And if so, would this constitute an acknowledgement or payment, resetting the statute barred clock?

Carefully worded no it will not affect the status of the alleged debt.

[staubsaugen]

Carefully worded no it will not affect the status of the alleged debt.

 

Ok thanks. To be honest the charges only appeared towards the end of me using the account, going over my limit etc and then it was closed.

[staubsaugen]

Okay, credit report shows the following:

 

LTSB Overdraft Default date: 21/09/10

Debt assigned Dec 2013 - this is when it was sold to 1st Credit

 

LTSB Credit Card Default Date 09/09/10

[staubsaugen]

Okay, credit report shows the following:

 

LTSB Overdraft Default date: 21/09/10

Debt assigned Dec 2013 - this is when it was sold to 1st Credit

 

LTSB Credit Card Default Date 09/09/10

 

50% discount letters receive from 1st credit...

[BRIGADIER2JCS]

50% discount letters receive from 1st credit...

A good indication that these debts are close to Stat Barred and the credit card debt is SB now. IF no payment or unequivocal written acknowledgment has been made in the last five year.

[dx100uk]

discount letters usually indicate a lemon debt.

 

 

dx