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Outstanding Loan
5 Answers
I have a loan from 1994 and a credit card bith totalling 3k
the loan and credit card were with n&p but it no longer exists? I think a place in northampton "owns"the debt. will it be scrubbed now or will i still have to pay it pack?
i have never applied for credit or a loan since but thinking of getting a mortgage next year and worried it will be affected by my old debt?
Its no sweat paying it back but its better in my bank rather than paying it back if i dont have too!
the loan and credit card were with n&p but it no longer exists? I think a place in northampton "owns"the debt. will it be scrubbed now or will i still have to pay it pack?
i have never applied for credit or a loan since but thinking of getting a mortgage next year and worried it will be affected by my old debt?
Its no sweat paying it back but its better in my bank rather than paying it back if i dont have too!
Answers
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Its probably something called time barred, but try http://www.consumeractiongroup.co.uk you'll be able to find out there.
If you have had no contact at all with the creditor of any agent of theirs for 6 years and the creditor did not get a CCJ within the 6 years then the debt is time barred. But it still exists - the barring simply means they can't take Court action against you. The debt could still be on your Credit Ref. Agency files.
Get your file from all three CRAs and check.
You say you think a place in Northampton "owns" the debt so you presumably have had some info about it. Northampton is the location of the central Court that processes applications for CCJs from a lot of creditors, so it may be that there is a CCJ.
N & P was taken over by another bank of building society - can't recall which one. They will almost certainly have sold the debt on by now. It is very unlikely they will have written it off, so your best bet is to find out who owns it and pay. If it is time barred (& there is no CCJ) you may be able to negotiate a part payment in full and final settlement.
Get your file from all three CRAs and check.
You say you think a place in Northampton "owns" the debt so you presumably have had some info about it. Northampton is the location of the central Court that processes applications for CCJs from a lot of creditors, so it may be that there is a CCJ.
N & P was taken over by another bank of building society - can't recall which one. They will almost certainly have sold the debt on by now. It is very unlikely they will have written it off, so your best bet is to find out who owns it and pay. If it is time barred (& there is no CCJ) you may be able to negotiate a part payment in full and final settlement.
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