Debt problem..
03 May 2007, 09:22 PM
#1
Debt problem..
My brother has got a dilema..
He owes around £2500ish to the RBS..The debt is around 7 years old now,and from around 3 years ago he has been paying £40 a month to a financial agency that are now controlling the debt.
Although he has never missed a payment,sometimes he has not met the specified date that he has to pay..
Consequently he got a call saying they may have to pass on the debt to another debt agency again,as he keeps missing the due date(he works away sometimes)..
He spoke to me tonight and said that,he has been told that as the debt is over 6 years old it would probably be written off if he didnt pay them another penny..!!!
This sounds suspect advice to me,although i do remember something about 6 years and debt!! no more details than that tho!!
My advice was to ring the CAB,but he said he had already done this,and they were booked up for a month!!
Anyway,any advice on the 6 year thing would be greatly appreciated..
Or info or suggestions of anyone in a similar situation.
Just to say that he is in full time employment and is solvent in every other way apart from this one thing.He also hasnt got a lump sum to pay the debt off..
He owes around £2500ish to the RBS..The debt is around 7 years old now,and from around 3 years ago he has been paying £40 a month to a financial agency that are now controlling the debt.
Although he has never missed a payment,sometimes he has not met the specified date that he has to pay..
Consequently he got a call saying they may have to pass on the debt to another debt agency again,as he keeps missing the due date(he works away sometimes)..
He spoke to me tonight and said that,he has been told that as the debt is over 6 years old it would probably be written off if he didnt pay them another penny..!!!
This sounds suspect advice to me,although i do remember something about 6 years and debt!! no more details than that tho!!
My advice was to ring the CAB,but he said he had already done this,and they were booked up for a month!!
Anyway,any advice on the 6 year thing would be greatly appreciated..
Or info or suggestions of anyone in a similar situation.
Just to say that he is in full time employment and is solvent in every other way apart from this one thing.He also hasnt got a lump sum to pay the debt off..
03 May 2007, 10:18 PM
#6
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If he is making regular monthly payments but just missing the date there should be no reason why the debt should be passed on. Why doesn't he set up a standing order to pay the arrears if he is in a solvent position and the monthly instalments aren't really an issue?
Consider asking RBS to discount the debt in return for a one off settlement. If the debt still stands at £2500.00 and he's paying off £40.00 per month I'm sure RBS would be glad to see it off their books.......
His brother should look at lending him the money to avoid the interest
Consider asking RBS to discount the debt in return for a one off settlement. If the debt still stands at £2500.00 and he's paying off £40.00 per month I'm sure RBS would be glad to see it off their books.......
His brother should look at lending him the money to avoid the interest
04 May 2007, 06:58 AM
#7
Thanks for the info guys..
RLE...yea he is solvet and earns ok money.But like us all,he has a house,car and all the rest of the day to day stuff to pay for,so at the end of the month he doesnt have a lot left..
As for setting up direct debit/standing order..This is the only bank account he has ever had,and it got abused by his then partner.Thats why he is in this pickle!!
So he doesnt have a bank account at all now,he gets paid in cash and it goes into the pot to run the house.His fiancee runs an account for household stuff,so he doesnt need a bank account he reckons...
"They only get you in trouble"..!!
As for lending him the cash to clear this debt..See above...I dont have any spare either.House,2 cars a missus and a fat dog suck up all my cash!
RLE..just reading your post again..He has no arrears in payments to the debt agency,like i say,its always been paid,but not neccasarily on time!!
The debt agency did offer to reduce the sum for a one off payment..Instead of £2500 thay asked £2100..
RLE...yea he is solvet and earns ok money.But like us all,he has a house,car and all the rest of the day to day stuff to pay for,so at the end of the month he doesnt have a lot left..
As for setting up direct debit/standing order..This is the only bank account he has ever had,and it got abused by his then partner.Thats why he is in this pickle!!
So he doesnt have a bank account at all now,he gets paid in cash and it goes into the pot to run the house.His fiancee runs an account for household stuff,so he doesnt need a bank account he reckons...
"They only get you in trouble"..!!
As for lending him the cash to clear this debt..See above...I dont have any spare either.House,2 cars a missus and a fat dog suck up all my cash!
RLE..just reading your post again..He has no arrears in payments to the debt agency,like i say,its always been paid,but not neccasarily on time!!
The debt agency did offer to reduce the sum for a one off payment..Instead of £2500 thay asked £2100..
Last edited by fatscoobfella1; 04 May 2007 at 07:03 AM.
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04 May 2007, 09:02 AM
#9
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Write to the company on your brothers behalf explaining he's been sent to prison and any assets he had have been confiscated under the proceeds of Crime act 1994.
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
04 May 2007, 09:04 AM
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Write to the company on your brothers behalf explaining he's been sent to prison and any assets he had have been confiscated under the proceeds of Crime act 1994.
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
can i ask why your mate doesnt take a small loan from a bank to pay the outstanding balance? no offence intended.
04 May 2007, 09:20 AM
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Write to the company on your brothers behalf explaining he's been sent to prison and any assets he had have been confiscated under the proceeds of Crime act 1994.
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
04 May 2007, 10:02 AM
#13
There are lots of options, he could write to them and offer a one off payment for final settlement - maybe £1000.
He could also set up a basic bank account which a few banks offer - it's basically the product they offer to immigrants or bankrupts - there is absolutely no chance of getting into debt with them and they give you a cash/debit card and direct debit facilities.
He could also set up a basic bank account which a few banks offer - it's basically the product they offer to immigrants or bankrupts - there is absolutely no chance of getting into debt with them and they give you a cash/debit card and direct debit facilities.
04 May 2007, 10:54 AM
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Write to the company on your brothers behalf explaining he's been sent to prison and any assets he had have been confiscated under the proceeds of Crime act 1994.
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
Sounds like a good way to actually get yourself sent to prison to me.
04 May 2007, 10:58 AM
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Write to the company on your brothers behalf explaining he's been sent to prison and any assets he had have been confiscated under the proceeds of Crime act 1994.
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
Cracking, can I try this with my mortgage company
04 May 2007, 12:47 PM
#17
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sorry, personally I think people should take responsibility for their debt, not pass it onto the rest of us!
I understand we can all get into situations easy enough nowadays. Just a shame its as easy to pass it on too!
My ex has debts up to her eyeballs. She has a child too, so doesn't work and noone can touch her! unbelievable.
I understand we can all get into situations easy enough nowadays. Just a shame its as easy to pass it on too!
My ex has debts up to her eyeballs. She has a child too, so doesn't work and noone can touch her! unbelievable.
04 May 2007, 12:53 PM
#18
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Write to the company on your brothers behalf explaining he's been sent to prison and any assets he had have been confiscated under the proceeds of Crime act 1994.
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
Explain to the finance Co that they are free to pursue him through the courts/bankruptcy if they wish too, but he will NOT be able to ring or write to them due to the restrictions of his new living accomodation.
A mate of a mate did this a couple of years ago and his debt of around £8k is now being shown on his Experian report as "settled".
Good advice their which i am sure would result in him actually ending up behind bars for fraud.
If you don't chase a debt for six years or that was your last point of contact you become Statute barred. But by making payments the clocks starts ticking from the date of last contact.
04 May 2007, 05:10 PM
#19
Dont know the full situation and it may be a but radical but perhaps he could take on some work or extra work, cane it for a few months and pay the debt off, economise, I would hope he isnt smoking and drinking whilst he has this hanging over him, its kind of hard but the old fashioned ways are the best.
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