Old Loans

Newby_saver

Hello everyone. I have only just registered, so please forgive me if this question has already been asked 100 times!!!!!

Is there a cut off date for companies to ask for a loan to be repaid?

Out of the blue I have received a chaser from a debt company for an amount owed on a loan from 11 years ago (which I have completely forgotten about, due to moving home & changing banks etc).

Can they still demand this money or is it too old?

Please help.

Thank you

woody01

which I have completely forgotten about, due to moving home & changing banks etc

Course you forgot about it. :rolleyes:

Anyway, you are in luck as it is almost certainly Statute Barred.

aj2703

Newby_saver wrote: »

Hello everyone. I have only just registered, so please forgive me if this question has already been asked 100 times!!!!!

Is there a cut off date for companies to ask for a loan to be repaid?

Out of the blue I have received a chaser from a debt company for an amount owed on a loan from 11 years ago (which I have completely forgotten about, due to moving home & changing banks etc).

Can they still demand this money or is it too old?

Please help.

Thank you

Yes it's statue barred.. I think though that you need to check your credit file to make sure there is no judgement against it. If there isn't do NOT acknowledge the debt in any way shape or form espically written...!!

Do a search on this site for STATUE BARRED and there are template letters for you to use.

Newby_saver

Thanks aj2703, I shall act on your advice tomorrow. So pleased I checked on here first.

PNPSUKNET

when did you last pay...

Newby_saver

1998!!! That's what I mean about it being old. It was taken out several years prior to that. I HONESTLY did not realise there was still money outstanding - my bank made the mistake by not transferring the existing DDM/Standing order correctly.