Want to move on...£14,000 debt

[NCB]

Hi all,

 

I have come back to CAG as my financial situation has changed.

 

Originally I had lots of debt including a secured loan etc.

I followed some advice and also sold my house to release funds and set me on the 'right' track.

 

 

A few years on, earning better, I am looking to tidy things up and get back into my own house eventually.

 

Situation now is that I am able to save up some repayment cash and want to find out what my options are.

 

I have an old loan - egg - now Cabot - £1/month token - £4740 outstanding (had 'partially settled' offer of £2600)

 

I have an old credit card - barclaycard - now Capquest - £25/month - £10,000 outstanding (offered a limited time settlement offer - I never rang them up!)

 

CCA etc all done, these debts are from 2007.

 

What would you offer up as a lump payment?

 

What advice would you give for initial interaction with debt companies?

 

Is it worth fighting for a full and final to clear the credit score?

 

Thanks in advance NCB

[dx100uk]

what are the default dates from your credit file?

 

 

don't forget on the defaults 6th birthday the accounts disappear

so no real need to F&F just keep paying the token payments

 

 

who said the CCA's are enforceable?

 

 

dx

[NCB]

Hi Dx,

 

I am really rubbish at all this, but will pull all the data.

 

I am under the impression, that if I want to get another mortgage I will have to jump through hoops, or take another mad interest rate (stupid choice made in the past) if my credit score isn't good.

 

Will check credit score again as not done for about 3 years, didn't realise about the 6 years until I started reading tonight. Do the 'debts' disappear?

 

I was looking to pay up to 20%, would companies entertain such a low offer?

 

Thanks NCB

[dx100uk]

the debt is still 'owed'

 

 

but ....

 

 

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.

NOTE: {the bracketed text is not ICO guideline but my advise]

 

 

you say you've comeback to cag?

 

 

have your forgotten your old username?

 

 

are all the details already here

[NCB]

Yes, I took to CAG when I was first hounded and sent off several letters and managed to agree min payments.

 

I don't know my old log in details.

 

I suspect looking now will be futile as I am sure I didn't put too much detail on line, I have an old paperwork file in the loft.

 

I am looking to sort out PPI potentially, so need to get it all out. I think tomorrow night will be the start point.

 

Thanks for your help so far, I will update info as soon as I can. The 6 year thing has really cheered me up

 

Thanks NCB

[NCB]

So having taken some advice here and done a lot of reading, I checked out my credit score too. I have decided to build it up a bit by getting a Credit Card, £4k balance instantly on line - WOW!!!

 

So that will push it up over the next few months as I head to the mortgage advisor next.

 

The old debts can sit and stew for all I care, 6 years has passed, I will continue the token payments as they do not worry me and I will wait until I get my PPI (see separate thread - can't link until I have 10 posts ) going and decide what to do.

 

I am booked in with a mortgage advisor next week

 

NCB

[dx100uk]

where did you get the idea these cards improve your rating...

 

 

dx

[maroondevo52]

where did you get the idea these cards improve your rating...

 

 

dx

 

and what card is it.

[NCB]

and what card is it.

 

Tesco, may as well get some more points.

 

dx I was under the impression that having a bit more action on my credit file would be a good idea.

 

Currently I have a phone only. All paid so score looking ok.

 

NCB

[dx100uk]

I would suggest if you got that card approved

then your cra file is clan

 

 

go get it noddle is free

not tried the new one on tv yet.

 

 

dx

[maroondevo52]

 

Currently I have a phone only. All paid so score looking ok.

 

NCB

 

Having two or more active credit accounts with payments up to date and no missed payments in the last two years will improve your credit rating.

I took out a couple of credit cards about 2 and a half years ago, set up a D/D's to pay minimum payments in case I forgot to, this has helped my rating.

[NCB]

That's what I was thinking maroondevo52, I will set up a D/D for full payment and use the card on occasion instead of cash (my preffered method - imagine that???)

 

NCB

[NCB]

[ATTACH=CONFIG]58672[/ATTACH]

 

Hi dx, this is my noddle, thought it could do with some help

 

NCB

[renegadeimp]

Ignore the score. It is totally irrelevant to what lenders will do. You need to focus on actual entries.

[NCB]

Ignore the score. It is totally irrelevant to what lenders will do. You need to focus on actual entries.

 

The only entries that are not 100% are due to fall off (6 years) in the next few months. Both are current account overdraft charges in 2009.

 

Do you guys realistically think those push the score down that far?

 

I do know that I have now got a credit card which will 'show' good money management and cost me nothing. I am happy with my move.

 

NCB

[renegadeimp]

The score means absoutely nothing. ALl lenders have their own criteria. They pretty much ignore the credit score that a CRA shows. The score is there purely as a way for various CRA's to charge you for extras. Ignore it, wait for those entries to drop off and above all, make sur eyou manage your finances.

[dx100uk]

so you have 2 defaults

yes that will kill the score dead

I default makes noddle 1 out of 5 score

 

 

how long have you been on voters where you are?

 

 

dx

[NCB]

I have been registered at this adress 2 1/2 years and previous was 5+ years. I suspect the 09 stuff coming off soon will sort everything out for me. I am happy to let it all ride until I have my PPI stuff resolved.

 

If I can pick up some PPI cash then I can look to pay off the previous debts, but I am not even sure I will continue the token payments, there seems little point and no way they can be enforced.

 

I need to go back through all my stuff, but for now will let it sit.