Author Topic: missed payments to creditor  (Read 801 times)

alex murchison

  • *
  • Posts: 1
missed payments to creditor
« on: May 23, 2011, 10:15:55 AM »
Hello all, i need a bit of advice on a situation i have. Ok from the begining.  I took out a non secured business loan of £8000 a few years ago. It was to start my new venture which after 6 months even with the funding didnt go well. All my assetss at the time were sold or taken to pay off debt. The loan however was to be paid at around £350 per month. After the business collapsed i contacted them straight away and they agreed to accept £50 per month till things improved and i was back on my feet. I paid the first installement then missed the second and i recieved a solictor letter on the creditors behalf.  I contacted them and straight away things were cleared up and the payment made. Things went fine till agian i fell on my face and could not afford the payments ( as i have other more secured debt to pay first ) i contacted the solicitors who dealt with the creditor and they never did anything about it. So i wrote them a letter and emailed on numerous occasions. NO REPLY. So i went straight to the creditor with a phone call, no one rang me back, so i emailed again no reply, so agian i wrote a couple of letters stating my position and sent them to the creditor. Still no reply. Now it has been 6 months since i have made them a payment and never heard from them !! great some people would say, but i dont one day want bailiffs or a court letter to turn up for non payment !! even though i have made every attempt to contact them, im not trying to avoid them or not pay it, but wanted an arrangement in place to help me out. The loan with interest was over £10k, not normally an amount to be forgotten. Can anyone help with some advice or am i entitled to not pay it now. I went to my solicitors who smiled and said oh yes, we will do this and that for you, show me some money type of thing, pointless when im in debt and cant afford more bills !!

James Falla

  • Hero Member
  • *****
  • Posts: 655
Re: missed payments to creditor
« Reply #1 on: May 25, 2011, 04:27:47 PM »
Hi there Alex
Basically a debt will remain enforceable for 6 years from the date you last made a payment. As such, even though you have heard nothing from the creditor in question for the last six months, they still have plenty of time to remember you and start trying to collect their debt once again. My best advice would be to re-start your £50 a month payment as soon as possible so that that least you are starting to repay the debt. Are you still aware of where you can make the payments? Ultimately if you can save a lump sum you may be able to settle the debt for a smaller amount.
Debt Expert & Author