Author Topic: being chased  (Read 2381 times)

gaz1gary

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being chased
« on: May 21, 2010, 08:04:30 PM »
hi there i have just been told by my ex a debt collection agency has come around my house looking for me to pay a debt thats 10 yrs old  it was for a credit card i had then was 400 pound owing on it   now its 3500 they say i owe  i thought it was wiped out after 6 yrs wot can i do  any answers do i contact them about it my ex wife still lives in the house in still joint owner but live elsewhere now thanks

Steven Jackson

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Re: being chased
« Reply #1 on: May 22, 2010, 10:05:11 AM »
Hello Gaz1gary
 
The question you are asking is whether your debt has become statute barred. This happens if no action has been taken by he creditor to collect a debt for a period of 10 years. Where this is the case, the debt is in fact still legally owed, it is just the creditor can not take further legal action against you to collect.
 
The problem is as always in the detail. As long as the creditor has written to you asking for their money within the 6 year period, even if you have moved but they are still writing to you at your last known address, this is enough to allow the debt to remain valid.
 
There are therefore two things to consider:
 
1. The debt will not be statute barred if the creditor has made any attempt to wrte to your last known address during the 6 year period. Can you guarantee that if you no longer live there?
 
2. Even if the debt is legally statute barred, the creditor can still ask you to pay it through a debt collector. However, they are simply barred from taking legal action against you such as a county court judgement (CCJ) or charging order.
Debt Expert
ivainformation.com

Boromoor

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Re: being chased
« Reply #2 on: May 28, 2010, 12:10:02 PM »
I was told that I should not admit to owing debts over 6 years old, once you've admitted you owe it they can then chase you for it. A bigger question is, where did the figure of £3500.00 come from if the original amount was only £400.00?

Nickym

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Re: being chased
« Reply #3 on: May 31, 2010, 06:16:01 PM »
Hi gaz1gary
 
The raise in amount could simply be the interest and additional charges added on to the debt whilst it has not been dealt with. Also I believe creditors can charge you any cost they may incur in an attempt to locate you if you have not notified them of a change of address.
Nicola Murray
Professional Debt Advisor www.debtma

Boromoor

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Re: being chased
« Reply #4 on: May 31, 2010, 07:34:36 PM »
Interesting theory, not sure quite how many credit card companies would think it a worthwhile use of their financial resources  to spend 8.75 times the outstanding debt out in the hope of getting repaid. Particularly when the debt is over six years old and enforcing it may not be that easy.

Steven Jackson

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Re: being chased
« Reply #5 on: Jun 01, 2010, 03:01:21 PM »
The problem is Boromoor that the original debt is over 10 years old. This is a long time over which the creditor will probably have been adding monthly late payment charges and interest at a compound rate. I assume this would be how they justified the current outstanding balance rather than simply charges added to try and track the creditor down.....
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ivainformation.com

Boromoor

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Re: being chased
« Reply #6 on: Jun 01, 2010, 07:47:10 PM »
You may not have notice yet but debt collector & those in financial services aren't my favourite people.  While I can accept some interest and penalty charges to increase a debt by 875% even if it is over 10 years is extortion.
 
Banks and finance companies are like punters at the races, they will only back an odd on favourite then, if their horse falls at a fence or loses, they will throw a paddy, demand a stewards enquiry plus demand their bet back and expenses.
 
I did not enjoy being in debt, nor did I like the attitude of debt collector who seem to think that because you owe money you are somehow of less value as a human being and they can talk down to you, I'm afraid they got a few home truths from me which I can't repeat here. 
 
My problems were caused because I was silly enough to try to start my own business in International road haulage, it can be done but you have to have the right contacts and plenty of backing, I spent two and a half years working 18 hours a day 7 days a week to end up owing £67,000.  If I had realised it, I'd have gone into banking, worked less than half the time, lost several billion and had it written off by the Government.
 
As far as having a poor credit rating is concern I really do not care, in fact I am glad, I will never get into the clutches of the finance industry again!

Steven Jackson

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Re: being chased
« Reply #7 on: Jun 08, 2010, 02:28:55 PM »
I have an interesting definition of banks that you might like Boromoor. They are like reverse unbrella salesmen. When it is dry and sunny, they will have no probem selling you an umbrella. However, at the first sign of rain, not a single offer of an umbrella to be seen....
 
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Boromoor

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Re: being chased
« Reply #8 on: Jun 08, 2010, 06:32:44 PM »
What really annoys me is that banking and finance are just businesses like any other, except that they deal with money.  Yet somehow, despite the fact that neither Christianity nor Islam were very keen on them, they've managed to elevate themselves up the social acceptability ladder to a position where many people look on them as one of the "professional occupations".  Apparently now the passport office trust bank managers enough to allow them to sign the back of your photo, yet 2000 years ago the late "J.C." threw the money lenders out of the temple.  I may not be religious but I think he probably the better judge.