A Debt Question for anyone that can help...I received a letter from a Debt Collection agency today.?

This was totally out of the blue but they claimed that they sent a letter to me a few weeks ago in regards to the matter..A letter i never received.

I rang them to find out what was going on,and what the debt was for.

They told me that it was outstanding with HSBC Bank and that i need to pay it by the end of the month,or they will start legal proceedings against me.I asked them what this would involve,which they replied the Bailiffs would be contacted to call at my address to remove personal property.

The Debt was from roughly 8 years ago,for an unauthorised overdraft which i had with the bank.

They told me that if i pay it by the end of the month £90 will be taken off the debt.Which will take it down to £198.00.

I am unemployed and am claiming JSA.

I am going to the C.A.B on Monday Morning to find out where i stand and what i can do.

I have been told that after 5years the Debt is wiped,but am not sure.

I would appreciate any help in this matter.Thanks

13 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    listen to the guy above me. He knows the score unlike the rest of the answers you have. they cant do jack @hit, after six years its void, i know this personally as i have been in this position a few times so i speak from experience and alot of research, ignore them never admit to owing the debt and you will be fine. they will send all sorts of letters claiming this and that just chuck them, do not contact them. they buy the debt from the bank and its the debt agency chasing you not the bank and they cant do naff all if 6 years have passed and you have not admitted to owing the money, never call them they will record the conversation, the only debt which can be collected after 6 years is any outstanding tax this has no limit.

    there is a 6 year rule for the people here who dont know what their talking about. The statute of limitations sets a time limit for a company to take its debt or debts formally through the courts. For most non land related debts such as credit and store cards and loans the period is 6 years from default. So if 6 years passes and the person owing the money does not acknowledge the debt in any way, enter into negotiations, or makes any payment then the debt will become statute barred

    http://www.payplan.com/debt-library/joint-and-seve...

    .

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  • 1 decade ago

    This letter was a " fishing " letter. They did not know that you were the same person they were looking for. All people with the same name would have got the same letter.

    The bank sold the debt and these speculators buy the debt and chase for payment.

    If you get any more, do not respond. I would ignore them. Let them take it to court - which I doubt - but the bailiffs cannot be sent to your home BEFORE it has been to court.

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  • 1 decade ago

    If you can only afford to pay them 5.00 per month they have got to accept it, they may say OK but only for a few months but they wont bother you as long as you keep up the payments and as for the 90.00 they will take off if you pay it in full that is right because they think they will be better off getting 198.00 than nothing

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  • Anonymous
    1 decade ago

    As you did not clear the debt with the bank,they have got the agency to act for them,you will have to pay,nice to hear they will reduce it by 90 pounds,i would be rather suspicious of this myself,was the original overdraft actually this amount or less ?They now have problems with bank charges,as you are probably aware,so you may have a slight foothold here.

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  • 1 decade ago

    Do NOT correspond with them. They have bought a fifth generation debt list. They will NOT go to court over anything under £10,000 - it's not worth their while. Ignore them and they WILL go away.

    These scum prey on fear and it looks like they are doing a good job on you.

    HSBC wrote off that debt 8 years ago. They wouldn't get a penny of it if you repaid this agency.

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  • Anonymous
    1 decade ago

    CAB is the best way to go everybodies cases and situations are different. ps you should really look for work. I am sick of paying peoples dole wages when they can clearly afford the internet ect on some other source of income!!!!!!!! oh...and a phone line???????? 48 quid a week dont go far or whatever it is. sorry to be blunt but it is the truth.

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  • 1 decade ago

    Call them on monday and explain your financial situation. i recieved one for ebay fees that i didnt pay (my stupid fault) for £230, i explained that i could only afford £10 a month and they accpeted it then when there was £50 left i rang and offered £30 for full and final settlement which they accpeted. As far as i'm aware as long as you make an offer to pay back the sum legally it cant be refused, push this all the way and speak to a supervisor if needs be.Good luck.

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  • 1 decade ago

    contact them, tell them your on the dole, complete a Financial breakdown, send this to them, and suggest a sum you can afford say £5.00.

    if they say no to this, let them take you to court, you will say to the judge i offered them say £5.00, and they turned it down, the judge will look at your funds, and will more than likely agree with this, or he might make it less.

    But your doing right, by contacting a C.A.B.

    sorry, the debt isn't wiped of after 5 years

    i am on the dole, i was like you, i contacted them, i suggested a sum of £5.00 per month, which i pay with no problem

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  • Anonymous
    1 decade ago

    If you go to the citizens advice bureau, they will probably just negotiate a pay deal with them, while your claiming benefits. Unfortunately, whoever told you after 5yrs a debt was wiped, was living in cloud cuckoo land. If that was case,every mortgage would be wiped and loans. You have to set your mind to paying it. Even if its only a pound a week.

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  • Anonymous
    1 decade ago

    Go to the court's apply for an Administration Order Believe me that will solve all of your problems.

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