How long are loans valid

chief0069

Hi all, in the past i have had a problem with gambling. I would gamble on the phone up to my credit card limit then take an unsecured loan out to pay off my credit card then try and win the money back to pay off my loan.
I ended up taking so many loans out it was impossible to make the repayments.
I went to see the citizens advice bureau and they got in touch with all my creditors and for the last 7 years i have been paying a token gesture of £1 a month. Does anyone know if these loans are still valid ?

HopeAndDriftWood

I believe that loans become 'invalid' so to speak after 6 years, but only if you make no payments, and don't acknowledge that the debt is yours. As you have done both of these things, this won't work for you. Just stopping paying won't either, you'll just trash your credit rating and they will call the debt collectors or take you to court, as you've proved the debt is yours.

You could try to agree a settlement price, but I'm not sure how willing they will be if they've had 7 years of £1 payments...but if you think about it logically, you've paid £12 a year for 7 years. You'll probably never pay your debts off like that, and they will drain your estate.

I'd get back to CAB, and see how they can help, or post an SOA on the debt free wannabe board and see what advise they can offer.

Someone with more knowledge will be along shortly, but I hope I've helped a little.

Colliefrog

Why don't you pay some off with the £30k you're supposed to be getting/have got from your redundancy?

Wutang_2

I would stick to the £1 a month agreement - my friend did this and unfortunately lived to the age of 498

Anihilator

The OP sounds like a stand up guy.
Screwing his way out of child support, screwing his way out of loans and all before he gets 30k redundancy... Disgusting behaviour, one would even suggest criminal.

As for the thread your credit record is almost certainly trashed beyond repair already so I would stick to the £1 a month and then go bankrupt if they ever start chasing them further. Surprised they havent done this already though.

mabski

You could try sending cca requests to your creditors to see if they have valid credit agreements. Im assuming most were taken out pre 2004 so theres a chance that the agreements wont be enforcable and you could say bye bye to your debts. They will still trash your credit file but i imagine that its already in a bad state.
Just do a search for unenforcability or cca requests and you should find out all you need to know.

Anihilator

mabski wrote: »

You could try sending cca requests to your creditors to see if they have valid credit agreements. Im assuming most were taken out pre 2004 so theres a chance that the agreements wont be enforcable and you could say bye bye to your debts. They will still trash your credit file but i imagine that its already in a bad state.
Just do a search for unenforcability or cca requests and you should find out all you need to know.

Go and do me a favour and provide some legal backing or precedent for your claims here.

I have yet to see a case in court where credit agreements were ruled uneforceable for the reasons you claimed.

In the only case I remember the judge ended up hammering the people with legal costs of over 100k.

mabski

are you tripping?
its the law
if a credit agreement is unenforcable under the cca thats it its unenforcable no court can make you pay .
now crawl back under your rock before you make yourself look an even bigger idiot that you already have

jazza77

OP I don't know your background as some of the other posters seem to from your other posts, but I think if you've been paying token payments of £1 a month for 7 years you should really be seeking help from CCCS or similar, otherwise these debts will be forever hanging over you.

Have you received help for your gambling addiction and now stopped?

Hope you manage to get everything sorted out - please keep us advised of your progress.

Wutang_2

mabski wrote: »

are you tripping?
its the law
if a credit agreement is unenforcable under the cca thats it its unenforcable no court can make you pay .
now crawl back under your rock before you make yourself look an even bigger idiot that you already have

You are a breath of fresh air; about time we had another nutter talking up unenforcability! Is your thread post or pre mid-morning - this will determine its validity.

mabski

wutang you must be something really special
i've heard of people talking out of their !!!! but typing now thats a neat trick