Company buying old debts

[lam143]

Have recently recieved a letter from a company claiming they have bought our debt from 6 years ago. The debt they are on about was taken out over 5 years, but some one (the rep) changed it to 10 yrs. We fought this with the original loan company and they never replied. We stopped paying when the 5 years was up. The loan was an unsecured loan.
Do i have to be worrying that these people will be knocking on my door to take my stuff.
Thanx

[lam143]

Thanks. but I say i don't have a debt, do they not have to prove I have? Will I be informed as this goes on

[factor-fiction]

When did you ifnd out the repayment period was 10 years not 5. Was it soon after you took out the debt, during the first 5 years, between years 5 and 10 or after the10 year period?
For how long did you know the period was in dispute?.
How many times did you try to clarify this?
Do you have written evidence that the term was 5 years.
What was the amount and the repayments?
I'm not doubting you- i just want to be clear about the circumstances.

[lam143]

When we got to what we thought was the final payment, we found it was 120 months, on the original agreement you can clearly see that a one was put in the front. It was also signed by the person putting the 120 months in 2 days later than our signatures.
We disputed it and the dis agreed. A solicitor we saw advised us to ignore them cos it was unsecured and we had paid back more than we borrowed. I wrote many letters to the company but many went unanswerd

[Eve]

How much different would the payments have been over 5 years as opposed to 10?

Are you sure you've paid the whole amount off including interest?

Do you own any property?

[factor-fiction]

We'd need to see the terms - amount of loan, APR and repayments.
If , for example, you borrrowed �10,000 but within the 5 years repaid only �9,000 then there is no way it could have been interpreted as a 5 year deal.
When you say he put a ne in front are you saying it should have been just 20 months and he changed it to 120?
Who is the DIS that you refer to in your latest posting?
Did you never notice the amended form until after the 5 years were up?
Do you have any documents that would prove it was only for 5 years?

[kira000]

Factor30, i think it was rprobably a typo, and it should be "they disagreed", not "the dis agreed".

I could be wrong though!!

[bednobs]

it's simple really. How much did you pay back? If it was enough to cover the loan and interest, great, if not then you owe the money and bailiffs could come and take stuff if you dnt start paying

[lam143]

Thanx everybody. The loan was for a kitchen 5000 we paid back for 5 years at 127.00 a month, so they had well over 7000. When we agreed to it and the salesman was there we were laughing that it would be paid by my 40th in 2002. It was only later that we realised the it was 10 yrs. We do not own property outright but have a 25% share with a housing association.
Surely these people have to prove we owe the money and they cannot just knock on our door for it, do they not have to take us to court.
This company has been foning our neighbours leaving a number for us to phone.

[factor-fiction]

What was the APR that was quoted. The figures seem reasonable for a 5 year loan so you may well be right but some loans are at very high rates so it's not impossible that it was a10 years agreement.
Did you not get a copy of the signed agreement at the outset and did you question it then.
At what point did you find out that they disagreed- and did you continue to challenge or just decide to ignore them?

[lam143]

Thanks for that the APR was 24.8. As I live in Scotland and say the debt is statute barred would it be the 5 yrs for scotland or the 6 for england?

[factor-fiction]

I don't think you'd get anywhere with the statute barred argument unless they had faield to ask you for money:

debt is considered Statute Barred if a creditor has not contacted a debtor for a period of 6 years and no action has been taken on the account.

Although the debt is still legally acknowledged as being owed, the creditor is not able to take any legal action against the debtor in order to recover the debt. It is considered unfair if a creditor or debt collector misleads the debtor into believing the debt is still legally recoverable. It is also considered an unfair practice if the creditor or debt collector press for payment after the debtor has stated they will not be paying the money owed. This could amount to harassment contrary to Section 40(1) of the Administration of Justice Act 1970.

[factor-fiction]

I'm not sure if Scottish law could apply. Was the loan taken out under Scottish law? We need Barmaid.
Under Scottish law, if a lender allows time to pass without receiving any payment an action for recovery may become barred under the Prescription and Limitation (Scotland) Act 1973.
If the APR was 24.8 % i think the loan wouldn't be repaid until just after 6 years. Was there also loan protection insurance too? if so I'm afraid 10 years could be right, although it seems steep.