WWYD … financial

[Greenorblues]

Twenty years ago my life looked very different and was pretty chaotic in a lot of ways.

I owed a lot of money and moved around a lot but also ignored letters and phone calls and so on.

So I’ve had contact regarding some old debts from accounts from circa 2004-2006. There’s nothing on my credit file … would you bother to pay them?

Yes. I wouldn't want that worry dragging along with me through life. Anyway, you owe it so you should pay it.

Check if they are statue barred, depending on the type, if no payment/contact during 6 years you may not have to pay www.stepchange.org/debt-info/can-i-write-off-debt/statute-barred-debt.aspx

I don't know why that's hidden, it's just a link to stepchange debt advice website on statue barring of certain types of debt over 6 years no contact. Meaning you cannot be pursued through court for them.

I know, there’s nothing on my credit file and it makes no difference whether it’s paid or not. Purely a moral question.

Can you afford to easily pay them? Would paying them mean you might struggle to heat the house or feed the children well this winter?

If I was comfortable and had 6 months expenses saved in an emergency fund then morally, paying might be the right thing. If not, prioritise your family.

If you owe the money pay it. Yes it is a moral decision.

I can’t really afford it. I probably could in small manageable amounts but then it would haunt me for probably ten years and also once I start to pay it it would go back on my credit file (I think) so am reluctant to engage for that reason too.

Then leave it. Put your family first. The debt has almost certainly been written off by the company as a bad debt or sold on for a pittance. The people trying to get it from you now will be companies that buy debts for pennies then attempt to harass people into paying. If even a small percentage fall for it, they make a profit.

Leave it.