process to settling debts at reduced rate without renewing the debt

[nakmuay]

Hi,

 

I have done some research and have previously reclaimed charges and PPI i just wanted to confirm with others the process should follow.

 

I wanted to avoid admitting tyne debt as 2 are just 12 months from being statute barred, so can i address letters "without predjudice"??? so as to not restart the period for the debts becoming statute barred?

 

And any tips anyone may have for settling debts at a reduced rate.

 

 

So my process i am think i should follow:

1 write to CRA(experian, equiFax) to find any company claiming debt

2 write to companies asking for true original of credit agreement

3 if provided Agreement, make offer of 10p per pound for Full and final settlement including marking debt as settled in full.

4 await letter confirming settlement

5 pay debts.

 

I do worry about making these debts enforceable for the next 6 years by doing this so is there anything i can do to mitigate this risk?

 

thank you in advance

 

nak

[SabreSheep]

More information required.

 

 

What type of debt- Loan, credit card etc

Who orginally owned the debt

Who owns it now

When was the account opened

[nakmuay]

multiple debts

 

last communication was 2010 with all, all letters returned to sender since then

 

hsbc overdraft 2k

tesco loan 5k

lloyds overdraft 200

 

How bad will not settling the overdrafts be to the credit file? The biggest one the tesco loan which i am in default on

[nakmuay]

also could an approach of a friend offering to settle a debt in full on my behalf(as i am in Australia and never coming home) get around the issue of admitting the debt and starting the 6 years to statute barred...

[oleg]

Almost reached S B, living abroad permanently, yet contemplating paying creditors? Seriously?

 

The only thing you need do is make sure someone is checking your mail in uk in case a court claim should arrive or give the creditors your current address, if not already done, so as to prevent a CCJ by default behind your back.

 

The defaults will vanish from your credit file on their sixth anniversary. On the other hand, if you want to pay out of kindness, why stop at just 10%?

 

No need for you to be worrying about these matters.

 

There's an outside risk of the debts being passed to an Australian DCA but that should be easy to fend off.

[nakmuay]

Almost reached S B, living abroad permanently, yet contemplating paying creditors? Seriously?

 

The only thing you need do is make sure someone is checking your mail in uk in case a court claim should arrive or give the creditors your current address, if not already done, so as to prevent a CCJ by default behind your back.

 

The defaults will vanish from your credit file on their sixth anniversary. On the other hand, if you want to pay out of kindness, why stop at just 10%?

 

No need for you to be worrying about these matters.

 

There's an outside risk of the debts being passed to an Australian DCA but that should be easy to fend off.

 

 

I just tell them I've moved to australia to discourage them, it seems to work really well

 

I want to settle any debts leaving a bad score on my file so i can get a mortgage and somewhere to live that isn't rented.

 

If the big tesco debt cannot be settled full and final settlement at reduced rate then i will look at statute barred option which is why i was asking about how i follow this process without making the debt collectable for another 6 years.

 

hope this explains the situation a little more

[mikeymack2002]

These debts will expire after 6 years any way also it will be almost impossible for them to take you to Court since you are now longer resident in the UK unless you intend on to return to here anytime soon