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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 71136
Experience:  Over 5 years in practice
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Hi, I need help what is the best way to find out what out

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I need help what is the best way to find out what out standing debts I have, and when settling do I have to pay in full if the amount is more than I borrowed.
I've been made redundant and don't want to be paying more than I need to as money may become tight and don't want to go down the road I'm trying to clear.
Please help.
Thank you for your question. My name is ***** ***** I will try to help with this.
I presume you Receiving bills from your creditors?
Customer: replied 3 years ago.
Yes I've just check my credit score and report and it's given me a list of companies I owe to, as a loan I had for 15,000 and payed monthly payments for 3.5 years is now sitting at 15,542
The credit score will provide information upon most of your debts. There is an outside chance that some would not have been added but not likely now.
The only other way to tell is from your own records and bills.
In terms of settling debts, it depends how far you are prepared to go. You can always make a full and final settlement offer. If these are mostly credit card debts then they will accept much lower settlements. 50% is not unusual. The downside is that they will add a default to your credit rating if you clear them by full and final settlement so it depends what is important to you.
There is no legal defence of paying more than you borrowed I'm afraid. All loans involve paying more than you borrowed. That is how lenders make money.
Can I clarify anything for you?
Customer: replied 3 years ago.
How long does that default sit against me and because I have already defaulted does that go if I pay in full.
Six years from the date of default.
Customer: replied 3 years ago.
Even if I pay in full
It will if you default upon the debt whether you pay or not.
If you do settle they will be able to mark it satisfied.
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