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Looking for advice, I'll try and keep this story short approx 12 years ago I had financial problems, due to loss of income which resulted in selling home, and left with several debts, inc mortgage arrears, neg equity etc. Fast forward to present day, all debts repaid inc mortgage arrears/neg equity etc. following monthly settlements over approx 5 years, excluding two credit card debts, originally Lloyds and Cap One which were passed to 'Lowells' and 'Debt Managers' collection agencies.
Back in the midst of our financial problems circa 2010-2011 we agreed £20 per month payment on each of these debts to simply relieve the hassle and stress at the time. Approx individual amounts were £13k and £6k (these balances included significant charges/late fees etc). I got these balances from the most recent correspondence I have dated 2012.
We moved home Sept 2012 following the sale of our property and have privately rented ever since. We are now in the position of applying for a mortgage and despite both our credit files now fully recovered and rated excellent across all the major credit ref companies (no adverse info at all) the two historic debts do not appear on my credit file at all, we are concerned that the payments showing each month on our bank account will cause problems or even stop us getting a mortgage accepted. All other aspects of our financial circumstances are now perfect. We did not update our change of address when we moved 10+ years ago with the collection agencies but continued with the £20 per month payments ever since. We have received no correspondence at all from either company at all during this time.
My dilemma is now do we just let sleeping dogs lie and continue the monthly payments indefinitely, and hope this does not flag on our mortgage app? or do we contact the collections companies with a view to a settlement offer but I am concerned any contact could open a whole new can of worms. My understanding is that because I have been making reg payments, despite no communications and the age of these debts, they would not be statute barred. Do I try my luck with a CCA request to confirm they remain enforceable? Or do I genuinely dispute the amounts owed due to the ridiculous charges/ fees etc that were added during our financial difficulties. If we do nothing they could flag during our mortgage app and would need addressing one way or another. Do I just take a punt and simply stop paying and see what happens? Any advice would be greatly appreciated
Back in the midst of our financial problems circa 2010-2011 we agreed £20 per month payment on each of these debts to simply relieve the hassle and stress at the time. Approx individual amounts were £13k and £6k (these balances included significant charges/late fees etc). I got these balances from the most recent correspondence I have dated 2012.
We moved home Sept 2012 following the sale of our property and have privately rented ever since. We are now in the position of applying for a mortgage and despite both our credit files now fully recovered and rated excellent across all the major credit ref companies (no adverse info at all) the two historic debts do not appear on my credit file at all, we are concerned that the payments showing each month on our bank account will cause problems or even stop us getting a mortgage accepted. All other aspects of our financial circumstances are now perfect. We did not update our change of address when we moved 10+ years ago with the collection agencies but continued with the £20 per month payments ever since. We have received no correspondence at all from either company at all during this time.
My dilemma is now do we just let sleeping dogs lie and continue the monthly payments indefinitely, and hope this does not flag on our mortgage app? or do we contact the collections companies with a view to a settlement offer but I am concerned any contact could open a whole new can of worms. My understanding is that because I have been making reg payments, despite no communications and the age of these debts, they would not be statute barred. Do I try my luck with a CCA request to confirm they remain enforceable? Or do I genuinely dispute the amounts owed due to the ridiculous charges/ fees etc that were added during our financial difficulties. If we do nothing they could flag during our mortgage app and would need addressing one way or another. Do I just take a punt and simply stop paying and see what happens? Any advice would be greatly appreciated
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