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Big debt, big lender...no more action???

(5 Posts)
anewleafagain Wed 29-Mar-17 18:55:03

Last year ex-partner upped and left me and DC1, whilst pregnant with DC2, for someone else. Left me with all the debts I was naively lead into taking on in the first place (longer story) I was in a mess, to put it briefly.

Buried my head in the sand, owed a massive amount to a certain bank. Tried to make an arrangement but now on benefits, money was so tight with baby and toddler.

Ignored several letters and one attempt to recover via debt agency.

Finally feel ready to deal with it (somehow) but today have had letters re the 3 accounts I have with said bank to state, after careful consideration, they are no longer pursuing the outstanding balances!!!

Also states a decision has been made to stop any further collections activity but that I'm obviously still liable for the balance and a default will go on my credit file for 6 years!

Obviously I am going to pay them back if it takes me until the grave but does it really mean they're not going to take any more action?!

I thought they would throw the book at me, even though I told them why I was struggling to pay...and that they'd take me to court or something!

I've been so stressed, not really eating or sleeping, for worrying about how I am going to resolve this mess on my own! I'm just a bit scared...it's like a bad April Fools!

As I've stated above, I will clear this debt, I'm not avoiding my responsibility but the weight of threats and pressure off my shoulders is immense, if this is really true? Has anyone heard of this being done before?! I've done a quick search and can't find anything! It's a big bank so I'm knocked for six they would effectively drop chasing me or am I being lured into a false sense of security and they're going to sell the debt to some bailiffs or something?! =(

Lagirafe Thu 30-Mar-17 18:08:06

How much do you owe them?!

I believe there is a rule about not akmowledging the debt after so many years (6?) and they legally can't peruse you for it so maybe they are trying to get you to acknowledge the debt?

UrethaFranklin Thu 30-Mar-17 18:19:41

Depends what you call a massive amount although it has happened to me before, I think it was in the region of £600. The defaulted debt stayed on my credit file until it 'fell off' after 6 years but they didn't chase me for the money.

They have probably realised that you can't get blood out of a stone and chasing you / paying debt collectors etc will cost them more in the long run for possibly no gain anyway.

Shakey15000 Fri 31-Mar-17 08:01:24

I've never heard of it. Have you asked/confirmed with the bank?

croquetas Wed 12-Apr-17 08:31:53

Usually they will then sell it off at discount to a debt collection company who will do the aggressive chasing!

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