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A Fin24 user, who has neglected to pay his debt for ten years, wants to know his options. He writes:
If an administration order was done in 2005 for debt & nothing has been paid since then, or no correspondence whatsoever was received regarding it, and now, in 2015 we receive a letter from the attorney for the administrator requesting payment, what are the options? What do I do?
Clark Gardiner of Financial Summit responds:
Most administration orders were entered into voluntarily and there can be exited voluntarily. The best outcome for this case would be for the consumer to approach the court to rescind the administration order to ensure the administrator's rights are removed.
The reason being their fees and intention are not pure and definitely not in the best interests of the consumer.
There is a possibility that all the debts have been written off by the individual credit providers already or that prescription has occurred making any claim on the debts voidable.
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I must check with my legal team but the administration order may eliminate the prescription defence but I personally doubt it as the order is toward the administration and not a legal process initiated by the credit providers.
Await correspondence from the credit providers before further action is taken.
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