Setting after 15 years

[Ilpf2018]

Hello

I have a debt registered against me with credit reference agencies from 2006 - it’s a loan for circa £7k (no interest has been applied)

around 2012 based on moneysavingexpert and this website when in big debt I asked for evidence of legitimacy of debt and they acknowledged they didn’t have it and wrote back saying they would not be taking action via courts to recover debt but would write to me annually And register the debt with credit reference agencies

i have binned my annual reminders and not engaged the bank concerned for around 10 years

However I have been advised that I need to settle this debt - or have the record on the reference agencies showing as settled

I don’t really know how to approach as I am hoping to negotiate a full and final settlement for less than 1k especially as it’s effectively bonus money to the bank BUT I was previously advised not to engage or acknowledge any debt with then

advice please?

THANKS !

[smartie]

Hi not a solicitor but from personal experience have you checked your credit file?
I did think that if its not on there did you still have to pay it?
Plus if you owed the money why have they not sort to get you to pay back whats owed?
but I'm gussing from your post you need to pay up , as you need clear your credit file .
I was always told the same Don't acknowledge the debit .
May I ask is it bank ?
Or finance company, ?
I think some debits are written off after a period of time.
Hopefully someone will hewill failing that get half with solicitor for free .but stick to the point if you d half hour flies by
Good luck

[MIKE770]

now any payment partial/full will show in CRA file as such , so making a payment will not clear from file until 5/6 years depend where you live, so companies still treat as debtor, some may towards the period relent somewhat but many do not until it has gone off file from default date.

[MIKE770]

from 2006? when was last payment or acknowledgment? loan???? no payment etc since 2012? just annual statements? who is this company?? we need to know as but confusing from your post as to what it is for etc

[MIKE770]

legitimacy of debt?? t>> on your CRA file still (must have made a payment within the last 6 years or 5 years scotland)

No company communication for 10 years? must of been sold to a debt buyer? WHO?

[Ilpf2018]

Hi

Sorry to confuse

yes it’s a bank - origins company still sending annual statement showing same debt with no interest added

I’ve not spoke to them since 2012 but statements come every year

No sign on credit file but the role I want is fsa accredited and I am told they do a full sweep and seeing unsettled loan from 2006 will stop me from progressing, hence I need to negotiate

- the payment I make is deemed to be full and final settlement
- all credit reference files will be marked as settled

(that’s what I have been advised by someone on the inside in the financial advice industry)

thansk for your efforts

[MIKE770]

Celestine

[Celestine]

This account is time barred under Limitation Act if no payment has been made for 10 years since sending a CCA request. Was that when you defaulted and ceased paying?
I'm not sure about deeper credit searches such as you describe, but it would not surprise me if you could pay an independent company to perform such a search and see exactly what does show up, before going ahead with the employment critical search...you may be worrying needlessly.
If you do want to make a full and final settlement of a partial offer, this in itself could cause an unhelpful update to your file. Partial settlements or even full settlements of defaulted accounts still show up as originally defaulted. (But only for six years) So I am unsure what may show on your file.

[Ilpf2018]

Thank you - I will explore independent company seacrh

the role I aspire to do is accredited by FCA and to complicate matters first I will
need to train for some time and prior to formally receiving approval from FCA hence the stakes are to some extent even more than applying for a role and finding I’m declined due to credit checks

Your point around an update on the file being unhelpful makes sense. I find my self in a strange position. The debt is clearly time barred and in normal life doesn’t exist but….

oh to answer your question - from memory debt only had a couple of payments made and due to recognition of need for debt management plan (step change / ccs I think) i used advise around signatures and section 74 (again from memory) and found this debt to be unenforceable which was acknowledge as short of not having the prescribed terms they said they had no paperwork showing the debt had been taken out. From that day forwards I never paid a penny and Beyond an annual statement and a default in the early years no other action was taken by the company. I remember them explicitly writing that as they had no paperwork they would not pass debt to a 3rd party for chasing or attempt any recovery action but intended to default and maintain the debt as open. And they did

[sloane82]

Did you have PPI on the loan, this debt is statute barred after 6 year's and no correspondance!.