Author Topic: old debt any advice would be helpful  (Read 3108 times)

sunnyday

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old debt any advice would be helpful
« on: Aug 13, 2008, 05:13:18 PM »
I was wondering if anyone could give me some advice i have just been reminded of an old outstanding debt from Netwest its for £1000 and its four years old. I had a letter from cap quest today saying leagal action is now being taken but they didn't mention court. So I rang up the national debtline and they said I could either wait 2 years and ignore (as its 4 years old )and hope that they don't take it to court or contact them . Has anyone had any dealings with capquest/natwest . I am tempted to wait 2 years as i can not afford this or anymore outgoings right now . I was just wondering if anyone had any experiences with theses people. Would they really take me to court for £1000 on a 4 year old debt ?


pranay

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Re: old debt any advice would be helpful
« Reply #1 on: Aug 25, 2008, 10:34:37 PM »
I actually have found that you get more accomplished with a debt consolidation company than trying to negotiate on your own. I had a Discover card and they told me that they would not negotiate with me. I would have to have a company call on my behalf. When the company finally did call, they cut my balance by 40%, eliminated my late fees, and talked down my interest rate. I have to pay them a monthly fee, but it looks like it's more than worth it. I write one check to pay all of my bills and I saved a boat-load of money on my debt.  Good luck!

happyduck

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Re: old debt any advice would be helpful
« Reply #2 on: Aug 28, 2008, 12:24:29 PM »
The legislation your adviser referred to is called the Statute of Limitations Act 1980. It might not be as simple as just ignoring the debt for 2 years. You should probably take some aditional advice. You can read more about the Statute of Limitations Act 1980 here:

http://www.google.co.uk/search?q=limitation+act+1980&sourceid=navclient-ff&ie=UTF-8&rlz=1B3GGGL_enGB268GB268
http://www.thinkmoney.com/expert-views/1169/debt-collection.asp
http://www.gregorypennington.com/debt-management-blog/947/1980-limitation-act.asp

Hope that's useful!