Hi everyone-I'm Curious

[brei2013]

Over the last few months I have been contacted by debt collection companies alleging that I owe money on debts from years ago.In fact,on one of these supposed debts,that I was able to check out,the amount borrowed had been settled back in 2007.This prompted me to order a Credit Report which shows nothing of these alleged debts,but then I gather that any details are taken off after a number of years.My question is if there are debts outstanding from years ago,where do these companies get their information?I'd appreciate any info.

[Amethyst]

Re: Hi everyone-I'm Curious

It depends who the companies are but it is likely they are debt purchasers, they buy lists of 'bad' debts off the lenders for something like 9p per £1.

If you are being chased for an amount settled in 2007 then you'd need to write and tell them that, and tell them that as you have not acknowledged any debt or made any payment since 2007 it is considered time barred under section 5 of the Limitations Act 1980.

There is an example letter in the Guides and Templates section of the forum

[brei2013]

Re: Hi everyone-I'm Curious

It depends who the companies are but it is likely they are debt purchasers, they buy lists of 'bad' debts off the lenders for something like 9p per £1.

If you are being chased for an amount settled in 2007 then you'd need to write and tell them that, and tell them that as you have not acknowledged any debt or made any payment since 2007 it is considered time barred under section 5 of the Limitations Act 1980.

There is an example letter in the Guides and Templates section of the forum

Thanks for the info Amethyst

[brei2013]

Re: Hi everyone-I'm Curious

Thanks for the info Amethyst