Nationwide have sold my debt - What should I do next?

[Mattc2012]

Hi all.

 

I received a letter this morning from Nationwide telling me my account

"has been legally assigned to MKDP LLP and all future payments should be addressed to them."

 

Nationwide (and a variety of debt collection people) have been chasing me for this for about 7 years.

 

About 6 months ago I received a small amount of money,

and contacted CAB to ask whether they think I should get in touch with Nationwide to pay off the debt.

 

They advised that because I hadn't heard anything from them for around 18 months, I should "let sleeping dogs lie".

 

I now find myself wondering what I should do now I have heard from them!

 

I have struggled with mental health issues over the past 5 years

(This is when they've been at their worst)

but am working hard to rectify them at the moment,

and I don't want to start being hounded as this could affect my recovery.

 

I don't have the full amount (Just over £400) to pay them now,

or i would consider paying it them in full just to make them go away.

 

However I would struggle, and probably fail, to keep up with a repayment plan

as i'm on benefits at the moment and am already struggling to pay bills etc.

 

Aside from not being able to afford it, I am morally aggrieved at having to pay this money at all!

 

All of it is bank charges because I went a few quid over on a £50 overdraft when I was 17!

 

I acknowledge that I should have paid the initial charges,

but £400+ does seem a little steep considering I didn't actually lend anything!

 

So, I decided to get some advice from you lovely lot

 

1. Should I make any contact at all, or continue to do what I have been doing and hope they go away eventually?

 

2. If I do get in touch, are these companies usually willing to accept a reduced amount if you pay straight away?

(I have about £200 in savings but I don't know whether that would be enough to satisfy them.)

 

3. Is there any way to get debts that consist mainly/wholly of charges written off on the grounds of it causing unnecessary additional stress?

After all I don't actually owe them anything. (Or on any other grounds?)

 

4. Is there anything else you can think of that I may have missed!?

 

Thanks very much for any help you can offer.

[ims21]

So this is an overdraft yes?

 

You say that you have been chased for about 7 years.

 

When was the account formally called in by the bank and full repayment demanded?

[Mattc2012]

Yes it is a £50 overdraft. The rest is charges.

 

I'm not sure of dates, as i chose the 'burying my head' route and so didn't keep any correspondence from either Nationwide or the collection agencies. I believe the initial debt was owed in 2007/8. CAB did say they can find this out for me, but obviously it would involve contacting them on my behalf, which they said could just be bring unnecessary attention to my account!

[Bazooka Boo]

IMO, I would ignore them, it's a poxy overdraft, a measly £50 at that!

 

You can ignore all the charges and fees that the bank have added, as not only could these be reclaimed, they would never be entertained if it were to ever get to the dizzy height of a court room!

 

If you have had no contact with them, and by that I mean you have not made any payments to them (the Bank) or any of their tame debt collectors,

and have not acknowledged (in writing) that you owe this, in the last 6 (six) years then it may very well be time barred and they are barking up the wrong tree.

 

Have you checked your credit file to see what is on there?

 

Don't contact them at all, you can be safe in the knowledge that if the bank really wanted their money then they would have taken legal action well before now,

and in any case, a heck of a lot sooner than 6 or 7 years later!

[Mattc2012]

Hi Bazooka Boo.

 

Thanks very much for your advice. Is there any way to check your credit file for free or do you have to go through someone like Experian?

 

Also, does the time-barred thing still apply if they (either Nationwide or the debt collection people) are writing to me? I have had no contact with them for many years, but I thought MKPD would be more likely to carry on chasing me if they've "bought" the debt from Nationwide?

 

I have to admit i'm quite surprised at multi-billion pound banks chasing me for £400 i never borrowed in the first place!

 

Thanks again for your help.

[Bazooka Boo]

Yes you can check on Noddle, which is free, but it might be better to send Experian £2 and get a hard copy of your credit file, this will be more accurate and certainly up to date.

 

Matters not if they are sending out puerile letters, the clock is only reset when you acknowledge 'in writing' that you owe this debt, or you make a payment.

However once it is time barred, nothing can ever unbar it.

 

Check you files first see what is on there, if anything.

 

As for banks and their gullible debt collectors, try and remember they don't have any moral fibre in their bodies, they would sell their own mothers if they could get their hands on some precious bits of paper!

[Mattc2012]

Haha that's very true!

 

I didn't realise Experian was so cheap. I'll get on to them and get myself a hard copy.

 

Thanks very much for your help.