Citi Finance/The Associates.

[tbird3]

Where would be best to post in the forum, about loan problems? Ie its 7 years old, I had an existing agreement with a debt recovery agency,but the loan has been "sold on" to a debt collection agency, who are being VERY threatening and demanding more than what I was originally paying. The threats don't worry me, but the selling on does, without informing me. Any idea of where I stand? And if I have posted in the wrong part, I apologise in advance.

[Bookworm]

Here is fine.

 

Welcome. Hopefully, someone will know what to advise soon.

[Seminole]

Are you sure that the debt has been sold as opposed to simply being passed on. If it was sold you should have been sent a formal notice of assignment.

 

It's more likely that the debt has simply been moved from one collector to another. This works in two ways. Firstly the original creditor may have pulled the debt back from the first collector and then asked another collector to deal with it. Secondly it could have been passed from one debt collecting company to another within the same group ie both collectors are effectively the same company buit trading under different names. This is done as a way of re-opening "negotiations" ove payments.

 

Please could you name the collectors involved as this would help me to advise.

[tbird3]

The collectors previously were Financial Trace & Collection (who were bought by Capquest), and the people who advised me that they now "have" the debt are First Credit. Citi Finance have stated that it is now nothing to do with them, so this makes me think it has been sold on. I have recieved no paperwork, as I refuse to give them my address, all they have is a mobile phone number which I still have.

[JWG]

The debt collector doesn't have an address, only a mobile telephone number and you have received no paperwork! This beggars belief!

 

Anyway you need do nothing until the debt collector actually writes to you.

 

If the debt is more than six years old, and provided you have not acknowledged its existence in writing or paid anything towards it in that time then the debt is statute barred or out of time. The debt is still owed to whoever owns it now but there is nothing they can do to make you pay it. It cannot be relisted as a default and it will not show on your credit file.

 

There is a letter to write to these scavengers to advise them of the statute barred nature of a debt but I can't find a link to it just now. There's no rush though, they haven't written to you yet have they!

 

It is important however not to discuss the matter on the phone. The conversation is at their convenience, you kight say something which you didn't mean to say and it will be recorded. Tell them simply to write to you and hang up.

[tbird3]

I meant they have my mobile phone number...... but no, so far they have not written to me. They are attempting to "Negotiate"...........

[tbird3]

This topic was closed on 03/08/19.

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