Confused, help please.
I have gone thro the BFs credit file and bank account. Its a mess. £6k in defaults, and have found a CCJ for £3k. Have also had 3 letters this week from debt collectors.
As I am in an IVA, all of this gives me the hibey jebbies. My initial reaction is to try and contact everyone and arrange payment plans to try and pay it all off......PANIC !The biggest problem is tho that he cant say if the debt is his or not.................
a) The letters from the debt collectors and the amounts outstanding I can not see on either credit expert or noodle, why arent they on there?
b)we have emailed and asked for a statement from two of the letters, was this the right thing to do????
c) one of the defaults has a different default date on credit expert to noodle by almost a year,do we need to do anything.
d)I have read about 'statute barred debts' over six years old, surely even if the debt dissapears off your credit file there must be a financial/credit implication ????
e)one of the payday loans is definately outstanding,£750, not on credit file. if we were to offer £100ish a month for 7 months, is there any formal wording we should use to ensure no more interest etc is added onto the debt ????
Is your partner in business or are the debts personal ones? Why does he not know whether the debts are his or not?
I think that before you seek any form of advice, you need to compile a full list of his creditors. The statute of limitations runs from the time the debt was last acknowledged, so I wouldn't necessarily rely on that and use the credit file as a basis for your investigation.
In the meantime, the best thing to do would be to try and make ongoing equal payments to all creditors based on the level of the debts he has with each one in comparison to his disposable income.
The debts are personal ones. He is extremely bad with money and has kept no paper trails, emails or anything. The debts are fairly old and have defaults back to 2008-2010. I only have online bank statements for a year.There may also be some 'family'issues to do with some of the items that are on his file.
The most current payday loan is from wageday and has been sold to main line its £726.20. I have looked on wageday, and on his bank statements and I can see that he hasn't paid this. I have just read on another forum that sometimes debt collection agencys send out 'fake' letters saying they have brought the debt when they haven't. Should I check with wageday to make sure they have sold this on as its not on his credit file ?
Also I was thinking of offering them £580 as a full & final payment in full to settle the debt.....
No harm in checking I guess - personally I have not heard of false letters being issued by DCAs. And why not try an offer of settlement if he can afford it.
What may be useful, especially if debts have been sold onto DCA's etc is to request copies of the original credit agreements under s77 and s78. It will only cost you £1.00 to do this. In your covering letter though, make sure that you state that you are not acknowledging the debts, it's just a request for information.
...of course the debts are his. Without wanting to sound judgemental, based on the information you have provided, it sounds like he has been burying his head in the sand over his debt problem for Years. Worse though, is that he has been disposing of the evidence, either in a silly act of self-denial, or more likely I suspect, to hide the problem.
Quite frankly he should, with your support and knowing what you know, be sensible and able enough to sort this out - might BR or an IVA be an option for him for example?
I have a degree of sympathy of course - most IVA customers like myself, have been there to a greater or lesser extent as well.
But now you know his situation, get him to get his backide into gear pronto, before he drags you both further into the financial mire.
After all, you have taken responsibility to get yourself out of bad debt, it is only fair that your BF does the same.
Hope you can work something out for him - lots of support on this forum.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
