letter From solicitor

mickyc_3

i believe the term is statute of limitations when debts go for 6 yrs without communication or payment.

http://www.payplan.com/debt-library/joint-and-several-liability-the-limitation-act-1980.php

Buddy65

Am I right in thinking this means if you make NO payment and have NO contact with with a creditor of an unsecured loan they cannot get payment after the 6 years?

The reason I ask is my brother took a unsecured bank loan last year then lost his job and he travels around a lot finding odd bits of work but not enough income to pay BL.

fermi

mickyc wrote: »

i believe the term is statute of limitations when debts go for 6 yrs without communication or payment.

http://www.xxxxxxxx/debt-library/joint-and-several-liability-the-limitation-act-1980.php

This is a better article.

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

The one from payplan is factually incorrect on a few points. In particular it says that acknowledgement can take place via phone. It can't. Only 'in writing' legally counts.

mickyc_3

I stand corrected Fermi

I would sack my researcher if i had enough spare money to print a P45! lol

Holes_in_my_pocket

after reading the fact sheet Am i right in thinking that you can have a ccj on a debt without knowing you have a ccj

Thanks for replies

fermi

Holes_in_my_pocket wrote: »

after reading the fact sheet Am i right in thinking that you can have a ccj on a debt without knowing you have a ccj

Thanks for replies

The papers for a CCJ can be sent to the last address a creditor has for you. As you obviously wouldn't reply, the creditor would obtain a judgement by 'default'.

So yes, you could end up with one without knowing about it. That would also stop the debt becoming statute barred, as said in that article.

Holes_in_my_pocket

i must have 8 ccj's lol find out soon

fermi

Holes_in_my_pocket wrote: »

i must have 8 ccj's lol find out soon

Doubt it.

In the vast majority of cases creditors just sell the debt on to a debt collection firm rather than bothering with a CCJ. It's not normally worth their while.

Holes_in_my_pocket

so cant a debt collection agency get a ccj as i got a dca chasing me now threatening with court action

fermi

Holes_in_my_pocket wrote: »

so cant a debt collection agency get a ccj as i got a dca chasing me now threatening with court action

They can, but threaten it much more than they ever go through with it.

A DCA is out to make a quick buck in the end. They can do that much more effectively with threats and harassment than they can via the courts.:rolleyes:

Unless it is clear that you have a lot of equity/property or disposable income, why would they bother?