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Debts

charlie79charlie79 Member Posts: 161 Pioneering
I have been very cautious with my bills paying on time and not getting into debt. 
The debts I do have are over 7 yrs.
 I have recently been getting letters from Cabot and other debt recovery agency's. I have not responded. What should I do? 

Replies

  • RoddyRoddy Member Posts: 389 Pioneering
    edited July 2019
    charlie79 said:
    I have been very cautious with my bills paying on time and not getting into debt. 
    The debts I do have are over 7 yrs.
     I have recently been getting letters from Cabot and other debt recovery agency's. I have not responded. What should I do? 
    Hi charlie79
    My advice would be not to ignore the letters, as ignoring the matter will not make it go away and you could find yourself in more debt... It's a very good idea to note down all of your monthly income, and then all of your monthly outgoings. Deduct your outgoings from your income to see how much you are left with. You will then be able to make a formal offer to clear the debt, but do not make an unrealistic offer that you cannot comfortably manage. Recovery Agents are governed by codes of practice, and they will have to take your individual situation & disability issues into account, BUT, if the debt rises into a significant amount they do have the powers to seize your goods or whatever if a court order is in place... A visit to your local Citizens Advice Bureau is also a good idea. 
  • charlie79charlie79 Member Posts: 161 Pioneering
    Yes but in 2012 a law was passed that a debt could not be chased after 6 years and only if you respond that debt then begins the 6 yaer roll again then they can
  • RoddyRoddy Member Posts: 389 Pioneering
    charlie79 said:
    Yes but in 2012 a law was passed that a debt could not be chased after 6 years and only if you respond that debt then begins the 6 yaer roll again then they can


    If you are 100% certain that this law is correct, then you have nothing to worry about! I'd certainly double check though...



  • CockneyRebelCockneyRebel Community champion Posts: 5,259 Disability Gamechanger
    Hi
    You need to get trained advice regarding your debts as the "Limitation Act 1980" may be involved
    Be all you can be, make  every day count. Namaste
  • charlie79charlie79 Member Posts: 161 Pioneering
    i double checked all advise thank you. Under limitation act 1980 they ca only chase you for debts for 6 yrs mine are 7yrs or more. After this they are statute barred. I'm OK thank god
  • RoddyRoddy Member Posts: 389 Pioneering
    charlie79 said:
    i double checked all advise thank you. Under limitation act 1980 they ca only chase you for debts for 6 yrs mine are 7yrs or more. After this they are statute barred. I'm OK thank god
    Just make sure that the nature of the debt is covered. I don't think that a debt for Council Tax will apply for example, but that's only a guess. 
  • charlie79charlie79 Member Posts: 161 Pioneering
    My debts were payday loans thank god nothing like rent arrears or c/tax thank god
  • RoddyRoddy Member Posts: 389 Pioneering
    charlie79 said:
    My debts were payday loans thank god nothing like rent arrears or c/tax thank god
    You're 'probably' in the clear! BUT, I would still visit CAB to be on the safe side. You'll have peace of mind then. 
  • Hart86Hart86 Member Posts: 394 Pioneering
    edited July 2019
    There’s loads of reputable information online for these, I’d recommend Money Saving Expert and this post:

    https://forums.moneysavingexpert.com/showthread.php?t=2606811

    I’ve had a lot of statute barred debts wiped.

    Martin Lewis is fantastic 
  • charlie79charlie79 Member Posts: 161 Pioneering
    Thanks my debts are over 7 years how do i wipe them if statute barred
  • Hart86Hart86 Member Posts: 394 Pioneering
    edited July 2019
    First post in that link gives you a template letter. There are others online too. Have you not made a payment to them in over 6 years as that’s part of the criteria??
  • AilsAils Community champion Posts: 2,268 Disability Gamechanger
    In the past I have found StepChange to be really helpful for debt advice.

    https://www.stepchange.org/

    :smile:
    Winner of the Scope New Volunteer Award 2019.   :)
  • charlie79charlie79 Member Posts: 161 Pioneering
    I called stepchange they said only assist in paying debts I haven't made any payments in 7 yrs or over
  • AilsAils Community champion Posts: 2,268 Disability Gamechanger
    Ok. I've made some minimum payments with StepChange, but thought they may have been able even to advise you at least.  Sorry to hear this.  I hope you manage to get it sorted out @charlie79:smile:
    Winner of the Scope New Volunteer Award 2019.   :)
  • RoddyRoddy Member Posts: 389 Pioneering
    edited July 2019
    charlie79 said:
    I called stepchange they said only assist in paying debts I haven't made any payments in 7 yrs or over
    Can you lend me £20,000 please. I promise to pay you back in 7 years time. Honest, I will.
    :-) 
  • charlie79charlie79 Member Posts: 161 Pioneering
    Definitely made me smile. Wish I had £20 lol 
  • April2018momApril2018mom Member - under moderation Posts: 2,882 Member - under moderation
    Definitely check out Martin Lewis. It is full of good advice and information about money saving.  
    Ask your bank for money saving tips as well. Additionally you could always sign up to a money advice forum. Keep receipts. There is a family finances board on BabyCenter that may be able to help you out - https://community.babycenter.com/groups/a3195/family_finances

    Create a spreadsheet. For our family I have maintained a monthly expenses fund and spreadsheet on my laptop using Excel. It is divided into categories, medical, educational and general. I print off one copy (the other copy is stored on a removable disk) for my records. Save up whenever possible. Make good financial choices. This is part of independence. Take advantage of all deals and offers. 
  • charlie79charlie79 Member Posts: 161 Pioneering
    I do a spread sheet and am really good with my finances now. I have confirmed debts I had before are statue barred due to everyone's advise on this forum. I do a money sheet every 2 weeks as I get paid fortnightly in order to make sure all bills are paid. I have to as I am housebound. But you are right it's a good way to make sure you know what your outgoings and incoming are. I will inform my support worker to help me send a letter to debt collectors informing them the debts are statute barred as they were from 2011. Everyones advise has been good and helped thankyou
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