6 Year Rule?

Big_Billy_2

Hi,

Cutting a long story short, I was due the Abbey £2600 with an unorthorised OD. After lots of letters etc etc, I just gave up with them and they passed the debt onto an agency. A default was placed on my credit file, and that was removed after the 6 year period, this was last March(05)

Due to family reasons I moved 3 times in the 6 years. I managed to open a Gold Current account at my current address, just a few months ago. My credit file is now, marked as "Very Good". All my other cards and accounts have been rune in a perfect order, no defaults or late payments anywhere.

However the agency has now managed to trace me, God knows how, Im not on voters role, the only thing I have done is apply for and get Gold account with LLoyds-TSB.

So can I ignore this letter, as the 6 years have past? or will the debt always be there?

skintchick

No idea about the six-year rule but are you able to pay off the debt? Because you did run it up after all.

And yes, I know I am taking 'the moral high ground' but that's my opinion and I'm entitled to it!

You may now all disagree

Robert_Sterling_3

What is the difference between the unauthorised taking of money and theft of money.
I guess it is the assumption that the intention of the person taking an unauthorised overdraft is to repay it in due course and thus there is no intention to permanently deprive the bank of the money.
I think the bank requires that customers inform the bank of each and every change of address.
If someone with an unauthorised overdraft fails to notify the bank of a change of address it then begins to look as if they do hope to permanently deprive the bank of their money.
If that same person then asks "How did they know my current address?" then even more so does it look like an attempt to permanantly deprive the bank of the money.

skintchick

Actually, that reminds me, OP - whay AREN'T you on the electoral roll? Why don't you vote? It's a privilege many people in the world don;t have and we shoudln;t take it for granted.

It also means you can't moan about anything has you have waived your right to have your say through the proper channels by voting a Government in or out (or trying to).

oooh! I AM on my soapbox today!

purple12

I was in a similar position. I had a credit card with just over £1000 on it. Was young and irresponsible (it was 6 years ago... ) and moved overseas. Lived abroad for a couple of years, came back and got a nice new credit record with shiny new credit cards (well-managed now, I hasten to add). I always felt a bit bad about the credit card in the background but shifted it to be back of my mind.
Got a mortgage and then got a letter (just over six years after I went overseas). I immediately wanted to pay the card off. It had always nagged at me and it got to the stage where i didn't even know who to contact about the debt and was worried it would affect my current (good) credit rating. I justified it to myself by saying that it wasn't a massive amount of debt, and that people do worse, but a part of me was glad when they tracked me down because now it doesn't nag at me anymore.
I am in a MUCH better position now to pay it back so i just feel very fortunate that I was able to repair my credit rating in the meantime.
I don't think what I did was right. I am amazed that they were able to find me (about three changes of address in the UK and two in Italy!) but ultimately, I think it is about taking personal responsibility which I didn't at the time. At least I can clear my conscience, if nothing else!
However, the debt collection agency were very good about accepting a reasonable offer to repay them. And they were really quite nice on the phone (I was dreading making that call!).
Ultimately, if you want to challenge, them, try it. But I think it's a better feeling to know that it is an unresolved matter that you can settle.
Best of luck with it.

ceegee

I agree wholeheartedly with everything that Skintchick has said!

Also, I agree with Mr Sterling's post and what purple said rings true....about clearing it and living with a clear conscience. The peace of mind must be great, rather than always looking over your shoulder and wondering if they are coming after you.

Harassed_2

Who's the agency? However, IF YOU SO WISH, you could use this letter here to write to them.

Name of Creditor
Address of Creditor

WITHOUT PREJUDICE

Dear Sir/Madam

Re: Account No/Reference No:

No debt is acknowledged to you. You have contacted me regarding the account with the above reference number, which you claim is owed by myself.

I would point out that under the Limitation Act 1980 Section 5 “an action founded on simple contract shall not be brought after the expiration of six years from the date on which the cause of action accrued.”.

The last correspondence/payment/acknowledgement of this debt was made over six years ago and no further acknowledgement or payment has been made since that time. Unless you can provide evidence of payment or written contact from me in the relevant period under Section 5 of the Limitation Act, I suggest that you are no longer able to take any court action against me to recover the alleged amount claimed.

I await your written confirmation that no further contact will be made concerning the above account and confirmation that this matter is now closed.

I look forward to your reply.

Yours faithfully

(Your signature)

[url][/url]http://www.lawcom.gov.uk/docs/cp151apa.pdf

Big_Billy_2

Many thanks.

digp

the law sets limitation periods for a good reason

there really are some [dim]wits here arent there?

johnllew

Statute of Limitations or not; you owe it, you should pay it.

CTT_2

Big_Billy wrote:

Hi,

Cutting a long story short, I was due the Abbey £2600 with an unorthorised OD. After lots of letters etc etc, I just gave up with them and they passed the debt onto an agency. A default was placed on my credit file, and that was removed after the 6 year period, this was last March(05)

Due to family reasons I moved 3 times in the 6 years. I managed to open a Gold Current account at my current address, just a few months ago. My credit file is now, marked as "Very Good". All my other cards and accounts have been rune in a perfect order, no defaults or late payments anywhere.

However the agency has now managed to trace me, God knows how, Im not on voters role, the only thing I have done is apply for and get Gold account with LLoyds-TSB.
Unquote

So are you saying that you accept you were responsible for the debt of 2600 pounds stg but are asking do I really need to pay it back if the 6 year period has expired. I think you know the answer but you are looking for our permission to say no.