they say they couldnt find me so did this i asked for written confirmation of this they refused and told me the debt was dead although they can sell it on to a reclaim agency but as far as the bank is concerned they will not chase it. where do i stand? am i safe? should i plan for them doing something now they have spoke to me?
2007-08-22 08:41:49 · 10 answers · asked by zeenme 1 in Business & Finance ➔ Credit
It was a loan and it went to two credit agencys all have closed and the bank says it is written off and closed but the debt can be sold on. leaving an unpaid mark on my account. Do i live in waiting now or again am i safe????
2007-08-22 09:01:17 · update #1
I need to know about english law not american sorry.
2007-08-22 18:51:47 · update #2
Although its not great not knowing for sure one way or another, I would just keep quiet and see what happens.
You may be luckly and have slipped through the net! If it does get passed to a debt collection agency, it would be likely that your monthly repayments would be lower than those the bank would accept, so it would actually be better for you.
I would just wait and see what happens, if there has been no contact regarding the debt for 6 years, then it will become statuate barred and you would no longer be able to get taken to court to get the debt, so in effect there is nothing that can be done to make you pay.
2007-08-22 09:11:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When a debt has been written off that is exactly what it means, the debt no longer exists.
There will be no one chasing you for this debt if it was sold on it would not be termed as written off.
I as a senior credit control/debt recovery officer and can guarantee you this info is correct. Lucky you did not owe me money though the co I worked for was an insurance company and if we had written the money off and you had been in touch I would have taken the payment off you to pay back into our accounts.
2007-08-24 00:05:44 · answer #2 · answered by Me 2 · 0⤊ 0⤋
You are not safe, Credit collection agencies frequently buy loans for a few cents on the dollar and then some use unscrupulous means to collect them.
The loan is not dead until it is paid off, you receive a satisfaction or the statue of limitation apply.
2007-08-22 10:38:20 · answer #3 · answered by DrIG 7 · 0⤊ 0⤋
I worked for a credit card company and as far as we were concerd with debts, if it's written off it's written off. No further action is needed by the debtor. How ever, that was a rare case! You need to find out if it was turned over to a legal department within the company there or sold to a recovery company. If it's in litigation, you will be sued for the amount you owe, plus legal fees. If it's dead it might just mean the account is closed and not active for use anymore, and there for you would need to contact your credit card company's Recovery company (if they have one). The company I worked for did one of 3 things, either they sold it to a recovery compnay, sent it to lititgation (for suit), or kept it in "house" and tried to recover any amount thu their internal recovery unit. If you call back ask for the recovery department.
2007-08-22 08:54:43 · answer #4 · answered by lisamtracy 2 · 2⤊ 0⤋
Keep in mind that the Statute of Limitations applies here. It depends on what state you live in....but if you go to the Suze Orman site and search for the Statute of Limitations there....you should be able to find out how many years debt collection agencies and so on can legally try to collect from you.
For example in michigan....people can only collect on unsecured debt for 6 years from the date of the last payment....unless you agree to pay or send payment later on....the statute of limitations starts all over again on that day.
2007-08-22 12:41:57 · answer #5 · answered by Kris 3 · 0⤊ 0⤋
im not sure what you meant by "bank"..but written off means they have sold it to a Collection Agency. your creditor will no longer go after you because they have been paid but the collection agency will--and this will effect your credit.
2007-08-22 08:48:58 · answer #6 · answered by ladybug 2 · 2⤊ 0⤋
each and every be conscious out of there mouth is a LIE. next time they call, do no longer enable them to declare something. tell them that as quickly as you get carry of a settlement settlement, you will in one day the entire quantity. Then carry UP. in the event that they call decrease back in under a week, tell them they have exceeded there call decrease and postpone. the secret's to make it one hundred% sparkling which you're in value of the communication. area word: in no way deliver a collector something until you have a settlement grant in writing, and in no way provide them you account style. Pay by using Cashier's verify of money Order, no longer by using very own verify.
2016-10-16 12:07:44 · answer #7 · answered by ? 4 · 0⤊ 0⤋
No, you aren't "safe" - a written off debt can still show up on your credit report.
2007-08-22 09:08:43 · answer #8 · answered by Judy 7 · 0⤊ 0⤋
Don't worry a collection agency will get in touch with you.
2007-08-22 08:47:47 · answer #9 · answered by Anonymous · 1⤊ 0⤋
get it in writting and say if not then you will keep paying it.
2007-08-22 08:48:27 · answer #10 · answered by tred8181 2 · 0⤊ 0⤋