Petition to No.10 Downing Street

Brian1966

After 3 years

Just signed up, let's hope the rules are changed soon:beer:

Tiddlywinks

After 6 yeards

Quote:
Originally Posted by soul619
holding data for 6 years help to prevent fraud, so making them change it to 3 years will only increase the risk of fraud being done agenst you!

never-in-doubt wrote: »

Totally incorrect, please provide a basis of proof for this outrageous comment......?

Please could you explain why YOU think Soul619 is "totally incorrect" and give YOUR basis of proof for your opinion that he is wrong?

Goodtimesahead

After 3 years

Looks like the law is going to be changed to 3yrs!



Limitations Act


A person with a civil claim loses their right to action if they do not sue within a specified period of time – the “limitation period”. Current limitation periods are generally 6 years for unsecured debts and 12 years for land and money secured by mortgage. Proposals to change limitation periods and make them more coherent have been around for some time.

The major current law on limitation is within the Limitation Act 1980, which sets out different limitation periods for various rights of action. The Law Commission reviewed the Act including issuing a consultation paper “Limitation of Actions” in January 1998 which described its provisions as “unfair, complex, uncertain and outdated”.

The Law Commission’s final report “Limitation of Actions” printed in July 2001, recommended adoption of a “core regime” featuring an initial limitation period of 3 years with a “long stop” of 10 years running from the event which gives rise to the claim (e.g. default) in most cases. This recommendation remains under consideration and may be presented in a draft Civil Law Reform Bill to be published later this year, at least in respect of unsecured debt.

There is an argument that because communications today are much faster than in the past there is no longer the need for such lengthy periods to enforce claims. Another theory is that there could be general economic benefits from encouraging creditors to pursue debts and recover money more quickly at present. However many participants in the lending industry are naturally concerned at the prospect of reducing limitation periods, especially as it would provide less time to trace the many debtors each year who decide to move on without telling lenders in an attempt to “lose” their debts.

It is concerning especially in the current economic climate that changes could put pressure on lenders to act more quickly to protect their right to action than they might otherwise do. This runs counter to exhortations from government and regulators for lenders to show forbearance to debtors in financial distress, such as the “breathing space” agreements where debtors are suspended from collection activity while they liaise with debt advice agencies to draw up a repayment plan.

Meanwhile, the prospect of less scrupulous debtors evading debts more easily than was formerly the case seems to strike a poor balance next to calls on the industry to lend responsibly and treat customers fairly. Responsibility in lending must be matched with responsibility in borrowing – not just when the credit agreement is signed, but throughout the course of facilities. If this principle is not upheld it risks creating new pockets of financial exclusion amongst those consumers statistically classed as a “flight risk”.

Goodtimesahead

After 3 years

Ask Martin Lewis for his views on the matter, with him behind it we make get a result, 3yrs is a far more sensible period, 6yrs is too draconian and will hinder any UK consumer led recovery!

The whole Financial Services industy is going to undergo a complete makeover after all the mess the Banks caused with their reckless gambling of ordinary tax payers money. Very easy for these 20's whizz kid bankers to gamble big when its not their money. There should be a new law that states if they cause massive shortfall again then a % of their own salary and bonuses should be deducted and returned to the tax payer.

claire6hy

After 6 yeards

i would say 6 years

I_know_my_ABC_and_my_CMYK

After 3 years

Would this 3 year rule apply to those who file for bankruptcy also. My concern is for the serial bankrupts, those who take out more and more credit when they are free just to bankrupt again. I know of someone who does this.

Also how would this fair with the re claiming of bank charges etc?

lennard01

After 3 years

Just signed up, hope this happens!

savagej

N-I-D, Teletrack is a fourth CRA in the UK and I dont think you will enjoy reading their website.

Goodtimesahead

After 3 years

what do they say that we don't already know?

savagej

They use part of Experian's data but also collect their own so they are a licensed credit reference agency in their own right. I have the feeling N-I-D does not like CRA's very much. Type teletrack in to Google and look at their site, they seem aimed at the gone-away, bad debts, sub-prime market and one part I found particularly interesting was that DCA's can input details about you and then if you pop-up somewhere (and it seems it could be many years later) they will get a report telling them. They have a variety of different pieces of software from providing credit data, to fraud prevention and look rather sinister compared to Callcredit say. It is the way they give the impression that they collate data and present it in a different manner from the other 3 CRA's, I think the word "track" in their name is the clue, they seem like a CRA and an FPA all combined into the one.

They take the standard £2 to send you a copy of your file.