Student overdraft

littlechef27

I recently received a letter from a debt recovery company stating they have taken over a student overdraft debt I apparently owe to a well known high street lender.

I don't remember receiving any correspondence from the lender for nearly 6 years and my basic understanding is that this should render the agreement unenforceable as statute barred.

Could someone please advise whether this is correct or do different rules apply to student overdrafts?

fermi

The 6 (or 5 in Scotland) year period for statute barred debts starts when YOU last acknowledged the debt, not when the creditor last wrote to or contacted you.

From a previous thread:

A debt will be "Statute Barred" if there has been no acknowledgement of the debt by you by making a payment or in writing within the relevant limitation period.

If you are in England/Wales then the limitation period is 6 years and you should read:

Link: Factsheet | Liability for Debts and the Limitation Act (England/Wales)

If you are in Scotland then the limitation period is 5 years and you should read:

Link: Factsheet | Liability for debts & the Prescription & Limitation (Scotland) Act 1973

If you feel the debt is "Statute Barred", then there is a letter to write at the end of each factsheet.

If you are unsure of anything, then give National Debtline a call free on 0808 808 4000 to talk your situation through with a professional advisor.

littlechef27

Thanks.

However, my concern was that the overdraft doesn't actually constitute a debt until after I completed university as you normally aren't required to pay anything back until then.

Any thoughts?

littlechef27

Anyone out there got any other views/helpful advice on this one?