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Hi,

 

I have 2 credit card debts and 1 loan that all defaulted between 9-18 months ago.

I am currently making payments to all 3 after agreeing a reduced monthly amount.

 

1. I understand my credit rating will be adversely effected for 6 years

but is that 6 years measured from the initial default date of each debt?

 

 

When I look at my credit report,

I appear to have a new default marker/red dot showing each month and it leads me to believe my 6 years is therefore "restarting" each month, but I'm sure that's not to be the case, or is it?

 

2. My debts are currently held with the following:

 

- Halifax Credit Card = Now with Moorcroft, but still owned by Halifax (£3000)

 

- Tesco Loan = Still with Tesco (£6000)

 

- Barclays Credit Card = Now sold to Link Financial (£10,000)

 

If I stopped paying the monthly payments to any/all of these, what will happen?

 

 

Can my credit rating get any worse?

(Eg, now I have a fixed amount with Link Financial, if I stop paying this, does that trigger yet another default marker on my credit file?)

 

If I stopped paying, what happens after 6 years?

My credit score would presumably improve but would it still be visible that I owed £XXXX?

Eg, if I applied for a mortgage in 6 years times,

would I have to declare that this "debt" was still anging around?

I don't really understand what good comes by ignoring it.

 

3. I hope to be in an improved financial situation and repay the debts, possible by way of full and final settlement.

 

 

I have already attempted this with Link Financial who weren't interested, but would it increase my chances is I stopped paying them a monthly amount and offered say £4000 in full and final settlement instead?

 

Appreciate the help and advice of these boards.

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1. 6 years starts from the date of last payment OR the actual date the default was entered on the file. Whichever is sooner.

 

2. CCA ALL of those. Youre being cash cowed.

 

3. DO NOT consider any form of F&F until you check if the debts are even enforceable.


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Thanks for the fast response. I'm doing the CCA's now.

 

I understand if the debt has been passed to a DCA that there's a reasonable chance it's unenforceable. I'm jumping ahead a bit here, but if a debt isn't enforceable, what happens?

 

If I don't choose to pay and they can't take me to court, how does it ever end?

 

 

Will I be chased for the rest of my life and will these debts always appear on my credit report?

(I can see Link Financial on my report now but the Barclaycard has been closed)

 

 

Will I always have to declare this when applying for future a mortgage, etc...?

 

Thanks

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1. 6 years starts from the date of last payment OR the actual date the default was entered on the file. Whichever is sooner.

 

2. CCA ALL of those. Youre being cash cowed.

 

3. DO NOT consider any form of F&F until you check if the debts are even enforceable.

 

And it would help to know when these accounts were originally taken out.

 

And do the debts include excessive reclaimable charges, which might help reduce the debts ?

 

And did you ever inform the original creditors of any hardship issues ?

 

In this position given the amount of overall debt, you don't want to do anything silly like stop paying, as the debts exceed bankruptcy threshold.

 

 

I really think you should talk to Stepchange debt charity about the best way forward here.

They would need to know your current financial position.

 

 

If you are looking to get a mortgage at some point,

i am not sure waiting for 6 years for the debts to drop off your credit is a definite need to get competitive rate.

 

 

Perhaps you can resolve your debts sooner.


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Sorry, one more thing... Because I have been making monthly payments to all of the above, have I made life more difficult for myself? (Particularly in regard to the Link Financial debt?)

 

My next round of payments is due shortly, should I bother, or stop making payments until I get replies to my CCA requests?

 

Thanks again

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You need to be sure of your position before you stop paying.

 

If the repayments are not affordable then reduce them.

 

I would suggest you get copies of statements from orginal creditors to see what charges were added.


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 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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I used to pay these debts via StepChange, but after 6 months I just found it easier to deal with the debtors myself.

(StepChange sent a few payments to the wrong accounts and it seemed to make my life more difficult with the acting as the middle men then just dealing with it direct)

 

I've had the balances reduced wherever possible due to ridiculous interest and late payment charges so the balances are as low as they can be.

 

I'll send my CCA requests next step and in the meantime I'll make this months payments as arranged.

 

Just out of interest, how could I resolve my debts sooner?

My credit record is shafted now for the next 5-6 years whatever I do, isn't it?

 

Thanks

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forget the monthly calendar markers , they are immaterial.

 

its the defaulted date in the summary of the debt , that, once set by the original creditor, should not change even if sold on, that is the important one.

 

after that date the whole account will vanish [ doesn't mean its not still owed mind!] on the defaults 6th birthday.

 

once gone off you file

you are under no legal obligation to declare the debt

and mortgage companies cannot see it.

 

gat a CCA request running to the owner of each debt.

 

can guarantee that the LINK Barclaycard debt they've been fleecing you on is unenforceable that's for sure.

 

you DO NOT have to pay-off the debts before a mortgage.

just wait for the defaults to become 6yrs old.

 

don't get fleeced!!


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A few weeks have passed since my initial post,

 

 

I have since sent my CCA requests off and recently had my first response from Link Financial.

 

 

They provided me some terms and conditions, two sets I believe.

One from when I originally signed up to the credit card and one most recent set.

 

There's nothing with my signature on and also no reference to my address at the time i signed up to the credit card.

 

 

It's all referenced with my current address, which wouldn't have been printed on those original terms.

 

Does this sound a bit flakey from their perspective or have they done what they need to do?

 

I'm wondering what to do next.

 

 

I am in a position to make a full and final offer via family help for maybe 20-30% of the balance.

 

 

But before/during making this offer should reduce my monthly payments to £1, or cease paying altogether to "encourage" them to accept my settlement offer, or will this lead to further trouble?

 

Thanks

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as I told you

they'll never produce a signed agreement

we know Link and old BC debts very well here.

 

 

until / unless they comply

you ignore them.

 

 

and no your dont give anyone a free holiday fund


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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