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I have no assets and a debt collection agency want money |
Submitted on: 18th Mar 2009 by Non-Member | Total Answers: 1
In December 1999 my house was reposessed due to illness and not being able to work. My last payments on the house were in July 1998. Since then I have still been ill and a debt collection agency is persuing me for money. I did fill in a income form in 2000. Does this mean i have admitted the debt? Does the 12 year period count from when the mortgage was last paid or the date of reposession or the sale of the property. I was going to write to the agency and tell them of my current situation. ie having no assets and not being able to work for the last 13 years and ask them to write the debt off. Do you think they would do this. Alternatively i was going to offer £500 to them instead of going bankrupt. Please Help.
Re: I have no assets and a debt collection agency want money
Creditors are very unlikely to write the debt off, they usually sell it on again.
The 12 years (or 6 years for unsecured debt) runs from the last collection activity, payment or admission of the debt. It is up to the creditor to prove you have admitted the debt and their best way of doing that is to take you to court.
If they do take you to court and the judgment is made against you - the court will set payments at a rate that you can afford.
If you are already considering bankruptcy - and have no income and no assets -then you have little to fear. Depending on your assets and the size of the debt this could be the best way of resolving the situation. You must get further advice if you think this.
If you make offer to them you must make sure you mark your letter "Without Prejudice" otherwise it will be an admission of the debt.
If you need some more specific advice - or i have the wrong end of the stick - email me.
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