If you’re worried about money but aren’t sure exactly how much you owe, you’re not alone. Many people lose track of their debts over time. This can happen if you’ve had multiple loans or credit cards, moved house, or simply avoided dealing with letters from lenders.
But the fact is, knowing the full picture is the first step to taking control. Once you understand what you owe, you can start looking at ways to manage or clear it.
In this guide, we’ll walk you through the steps to find out what debt you have, explain how to check for old or forgotten accounts, cover what happens if a debt is over six years old, and look at what debt management solutions could be available to you.
How do I find out what I owe in debt
Finding out what you owe doesn’t have to be overwhelming. Breaking it down into small steps can make the process more manageable. Here are three key ways to track down your debts.
Check your credit reports
Your credit report is a detailed record of your borrowing history. It lists most debts you’ve had in the last six years, including loans, credit cards, overdrafts, and even some household bills like mobile phone contracts.
In the UK, there are three main credit reference agencies: Experian, Equifax, and TransUnion. Each one may hold slightly different information, so it’s worth checking all three. You can usually get your credit report for free online.
When you read your report, look for:
- Active accounts – debts you’re still paying off
- Closed accounts – debts that are fully repaid
- Defaults – accounts where payments were missed and the lender has closed the account
- Court judgments – if a lender took legal action over unpaid debt.
Checking your credit reports can give you a clear view of what you owe and to whom. Keep in mind that not all debts appear here, especially very old debts or ones that aren’t reported to credit agencies.
Check all correspondence with lenders
Old letters, emails, and even text messages from banks, credit card companies, or debt collectors can be valuable clues. These might show debts that don’t appear on your credit file – for example, because they’re older than six years or from smaller companies that don’t report to credit agencies.
Look through:
- Bank statements and online banking records
- Email folders (search for words like ‘payment’, ‘overdue’, or ‘statement’)
- Letters from debt collection agencies.
If you’ve moved house, consider whether you updated your address with lenders. If you didn’t, there may be correspondence you’ve missed. This is why debts sometimes seem to ‘come out of nowhere’ later.
Contact potential creditors directly
If you think you might owe money to a lender but aren’t sure, you can contact them directly to ask. This could be:
- Your old bank or credit card provider
- Utility companies (gas, electric, water)
- Local council (for council tax arrears)
- HM Revenue & Customs (for tax debts).
When you contact them, you’ll usually need to give personal details like your name, date of birth, and any old addresses you’ve lived at. They can then check if you have any accounts or outstanding balances with them.
If a debt has been passed to a collection agency, the lender should be able to tell you which company is handling it now. You can then contact the agency to confirm the balance and get proof of the debt.
What happens if a debt is over 6 years old?
Many people wonder what happens to very old debts. In England and Wales, most unsecured debts – like credit cards, personal loans, or unpaid bills – can become statute-barred after a certain time under the Limitation Act 1980.
This usually happens when a debt is at least six years old and you haven’t made any payments or admitted you owe it during that time. It also applies if the lender hasn’t taken court action in those six years.
If a debt is statute-barred, the lender can’t use the courts to make you pay it. But the debt doesn’t disappear – it still exists, and they can still ask you for the money.
Some debts have different time limits. For example, a mortgage shortfall can be chased for longer, and in Scotland the time limit is usually five years. If you think a debt might be statute-barred, get advice before making any payments, as paying could restart the time limit.
By checking your credit reports, looking through old letters, and speaking to lenders, you can get a clear picture of your debts. Knowing where you stand is the first step to taking control of your money.
If you’re not sure what to do next, don’t worry. Here at MoneyPlus Advice, we’re ready to help you understand your options and find a plan that suits you, from Debt Management Plans (DMPs) to Individual Voluntary Arrangements (IVAs). For free, impartial advice, you can also visit MoneyHelper.
Remember, the sooner you know what you owe, the sooner you can start making things better.
