i had a dept with a bank over 10 years ago and a dept collectors agency have recently traced me. do i have to pay the dept. i have never spoken to the bank about the dept and i had forgotten all about it until i received a letter from the dept collectors. if i do have to pay something could i get it reduced as i have nothing left each month as i've now got 2 kids and a morgage and other depts i've got to pay off.
2006-08-26 05:09:08 · 10 answers · asked by danny.ruston1@btinternet.com 1 in Business & Finance ➔ Credit
normally the debt would be written off after 6 years !!! If you are going to make contact with them do it through a lawyer and explain your situation and you get your lawyer to make a deal......you should get a huge amount taken off.....tell them you can't afford the whole amount and come to an agreement. (i've done it)
2006-08-26 05:19:29 · answer #1 · answered by tinkerbell 7 · 0⤊ 0⤋
Yes, you are still liable for the debt. You do have choices. You can speak to them to get this reduced, but as you are not well versed in how debt collectors work I would speak to the citizens advice bureaux. They may, if they are good, help you.
I should imagine that the debt is unsecured which gives you more leeway, (you will not lose your home).
One important thing to do is to call them and let them know that you are seeking help/advice and that they need to give you time, if you can, put this in writing to them. You should have done this with the bank, as they tend to be cheaper and give you more time to sort yourself out.
There are other good debt lines, one which comes with the Observer on Sunday. I cannot remember the number, but have a look on the Guardian website. It is free phone and they know all about the law
By the way, the 6 year rule, is that your credit rating will be back to normal after 6 years. There is no insurance company that secures bankers debt. Banks have a % of debt that they know will not be paid off. They sell bad debt to debt collectors and company debt they sell on the stock exchange.
2006-08-26 12:21:16 · answer #2 · answered by Charlie Brown 2 · 0⤊ 0⤋
Ooooh, why don't things like this ever happen to me??
Usually, you should not have to pay the debt after 6 years from the last contact you had with the owner of the debt - that includes any agencies it may have hired.
It's possible these people have bought some debts off the bank and yours happens to be one of them. I'd suggest you just go back to these people, stick your ground and feign ignorance! It's up to them to prove to you. They'll have to take you to court to do anything further then maybe at that stage, you may want to cough up or better still, speak to someone at your local citizens advice bureau.
All the best!
2006-08-29 08:31:54 · answer #3 · answered by scallywag 4 · 0⤊ 0⤋
It depends on where you live but for most states the statute of limitations on debt collection is 4-6 years. This means that while they can still try to collect, they cannot force you to pay. Once you have determined the SOL for your state, if it is beyond that date, you can write them a cease and desist letter telling them that according to the SOL laws for your state and the FDCPA they must cease all communications with you or you will file complaints with the state AG and the FTC. This should get them off your back.
2006-08-26 17:11:47 · answer #4 · answered by personal_finance_101 3 · 0⤊ 0⤋
It depends on what type of debt it is.
If it hasn't shown up on your credit report all of this time, (assuming you check it occasionally), I would be wary of paying the debt.
If it is a student loan, you have to negotiate payment.
If it is some other debt such as a bank loan for something else, a statute of limitations should kick in at about 7 years.
Talk to an attorney.
2006-08-29 16:06:16 · answer #5 · answered by Big Bear 7 · 0⤊ 0⤋
A debt is a debt until it is paid. My first recommendation would be to send them a letter certified mail, return receipt asking for validation of the debt. They have 30 days to respond, and if they do not, they cannot collect on that debt.
Please visit this website for more information about your rights as a consumer against collection agencies:
http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm
2006-08-26 12:27:00 · answer #6 · answered by what the heck? 3 · 0⤊ 0⤋
A dept over seven years by law doesnt have to be paid it's up to you if you want to pay. If you agree to pay or make contact and send any payment it reopens statue of limitations and legally you are bound by terms of payment.
2006-08-26 14:14:09 · answer #7 · answered by moonwalker 3 · 0⤊ 0⤋
If you owe it you'll have to pay it. Most legitimate creditors realise that you won't be able to come up with a large lump of cash just like that, and will accept a payment programme. If worst comes to worst, and you're taken to court one of 2 things will happen: you'll be ordered to pay in installments, or sent down. If someone is sent down it is in lieu of the debt, so you won't have to pay it - something that the lender obviously doesn't want. So they accept reasonable payment plans when offered to avoid court.
2006-08-26 12:20:37 · answer #8 · answered by Al 2 · 0⤊ 0⤋
The agency has bought the debt for pennies. They have no legal authority to make you pay. They are scamming you. Do not reply to them, do not talk to them, and if they still persist tell them you will seek legal action against them for harrasment.
2006-08-26 12:32:42 · answer #9 · answered by rich_the_brit 1 · 0⤊ 0⤋
I think there is a time limit, as their insurance company will have already payed out on your default, as for paying the insurance company back ?????????
2006-08-26 12:20:01 · answer #10 · answered by fool4lovin. 2 · 0⤊ 1⤋