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I’m a foreigner, UK resident high skilled; 4 years ago my work-permit expired and my new one get “lost” in the mail; took me 3 years to get a new one – long history short: 1 defaulted bank account, 1 defaulted loan and 1 defaulted credit card. Total owed = £15000.
This year manage to get back no my feet, have already savings about £30000 and battling to decide to pay off my defaulted accounts or not. 2 years more and will reach the statute of limitation … in other hand if I pay I will probably wake up the Lion … and to be honest, the third: the pain experienced then, when no creditor would take my arguments and give me a “payment holiday”…Pay on Not?

2007-11-15 13:19:11 · 4 answers · asked by VanHelsing 2 in Business & Finance Personal Finance

4 answers

If you let it time expire they may stop chasing you but your Credit History will be trashed ... 15k is enough for an IVA -

Contact the debtors and find out if they still have you loan on their books or if they have already sold it off to a Collection Agency ..

IF they have sold it off they will have got 50% OR LESS on the debt = so if they still hold the loan, offer to pay 60% of the ORIGINAL debt (not the debt 'today', which will have been bloated by 'penalty' charges and massive interest hikes) PROVIDED they remove any 'bad debt' marks on your Credit History and mark the debt as 'Satisfied'

Tell them if they accept you will get a 'consolidation loan' and pay them in one lump sum .. but also you are on a low income, so if they refuse the deal you will have to go to an IVA Agency and pay them back at £10 a month ....

If they have sold it off, find out who to and contact them with the offer ...

When dealing with Collection Agencies you need to be 'untraceable' (if they can trace you, they WILL demand 100% of the debt PLUS all their massive 'penalties' etc .. it is not unusual for the original debt to have been 'doubled' in this way) .. so use a 'pay as you go' phone, ignore all attempts to get your current address (give only the address you used when you got the loan etc) and do NOT send them a cheque BEFORE you have agreement in writing .. collect documents from your old address by visiting and informing the current occupants in advance that you are expecting some important mail and will call for it in person .....

Collection Agencies will do ANYTHING in their power to get you to send a cheque without agreement .. even blatant lies (such as "if you send us a cheque for the first months payment we will agree to payment holiday / 60% deal / whatever" .. and then deny the person you spoke to even works for the company) ..

i.e. they will do anything to get your Bank Account details .. from where they can get your address and start sending in bailiffs and start putting claims on your house etc.

2007-11-15 18:43:22 · answer #1 · answered by Steve B 7 · 0 0

Pay them! Statute of Limitations or not it will come back to bite you on the *** if you don't pay.

Plus the more people who don't pay the more the rest of us have to pay in interest etc - theres no such thing as a free ride!

2007-11-15 21:30:45 · answer #2 · answered by libbyft 5 · 0 0

You incurred the debt and spent the money. Now pay it back! It is the right thing to do!

2007-11-16 01:38:39 · answer #3 · answered by The Professor 5 · 0 0

now youve got it...pay...

2007-11-15 21:23:38 · answer #4 · answered by Anonymous · 0 0

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