do loans get written off

ryandan

does anybody know whether or not loans are written off after a certain amount of time.i was told by someone that if the loan is over 6 years old the company are no longer able to chase you for it.this excludes mortgages

~Beanie~

It is 6 years from the date that you last acknowledged the debt (by making a payment etc) and not 6 years from the date the loan was taken out. It then becomes statute barred which means that they can chase you as much as they like but they can't enforce it in court.

ryandan

thanks for that.are they able to take you to court for the money if you continue to ignore any communication that they send you ?

~Beanie~

Not once it is statute barred, no. If it is less than 6 years then yes, they can.

ILW

ryandan wrote: »

thanks for that.are they able to take you to court for the money if you continue to ignore any communication that they send you ?

Of course they can. You cannot simply ignore debt and hope it will go away.
There are many things you can do and much is covered on this site, but you need to do something.

fermi

If you think the debt is statute barred, then it may be worth telling them that.

Read this link: Factsheet | Liability for Debts and the Limitation Act (England/Wales)

If you just totally ignore them, then there is a chance they might get a default judgement. The court won't automatically ask the creditor, "Is this statute barred". You normally need to let the court know that it is.

If you did get a judgment made against you and the debt is statute barred, then you can get it "set aside" (cancelled). But there is a fee for that and it is an extra hassle.

ryandan

Thanks. I Am Not Gnoring The Debt But They Want More From Me Then What I Can Afford.i Have Given Them Financial Statements But Still Request An Unaffordable Amount. I Am New To All This So Any Guidance Anyone Can Give Will Be Really Appreciated

~Beanie~

If you have been making payments towards the debt then it isn't statute barred and they will be able to take you to court.