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What do I do? Old debt coming back to haunt me!

(6 Posts)
Creole Tue 18-Sep-07 09:19:30

I received a letter from a company last week, which says my old Barclaycard account has been sold to them.
In 2002, I came into difficulties paying my Barclaycard account and basically stopped paying as I could not afford it. After a while I stopped hearing from them and thought the balance has been written off. In between this time I also moved address, so thought that was the end of it.

Anyway, last week I received a letter from a company, which says my Barclaycard account had been sold to them in 2005, 2 years ago.

I also received another letter from their debt collection office offering me a discount amount (about half the balance) to pay off. Now, I don?t have that sort of money, so there is no way I will be able to pay.

What do I do? I mean I thought this debt has been written off, since its nearly 5 years ago, I probably have a CCJ because of it.

Any ideas please?

Sunshinemummy Tue 18-Sep-07 09:21:23

Go and see the Citizens Advice Bureau. They will be able to give you your options and may help you negotiate with the company.

GreebosWhiskers Tue 18-Sep-07 09:36:37

I worked for a company who did this - sold off a lot of historic debt for a pittance just to get rid of it & claw something back. I didn't work very closely with the companies who bought the debt but have heard that they can be rather heavy-handed. If they've offered you a 50% reduction can you see if they'd be willing to let you pay off that amount monthly? I know the reduction is usually only if you can pay in a lump sum nut it might be worth a try.

Re going to cab - all they're likely to be able to do for you is try to negotiate a weekly/monthly payment anyway as unfortunately the debt is still there & it's perfectly legal for the bank to sell it on like thidsad

Hope you get it sorted out.

GreebosWhiskers Tue 18-Sep-07 09:37:32

Dang - what horrendous spelling. Must remember to preview.

WideWebWitch Tue 18-Sep-07 09:38:45

Offer them what you can afford and stick to it. If it was six years the Limitations Act would apply but it isn't.

titchy Tue 18-Sep-07 09:57:42

Make them an offer. what is the offer they have given you? If you can't afford it genuiniely and have no assets you cuold sell/finance they'll not get owt back and may well settle for a much lower amount rather than nothing.

Havig been in this position many years ago a rather large debt (mortgage repo) was settled for an absolute pittance considering the original amount. We got a 3rd party to renegotiate on our behalf which might help. The 3rd party basically listed all our assets (which did incldue a house with some deposit available - but our salaries were low enough so that remortgaging wasn;t an option) and a car, but we argued that with a small child the car was a necessity.

As they are so near the 6 years they will probably take a muchg lower offer than they've given you.

HTH

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