Annual Statement

yogi1_2

Good Afternoon

Am i missing a point on the new regulations, if you do not receive a statement for more than 12 months for credit card or loan does that then mean that the lender cannot enforce the agreement:question::question:

DGJsaver

I would think not

niccatw

No, the loan is still enforcable. If you have defaulted on the loan, then the original creditor may have sold the loan on to a DCA and that might explain the lack of correspondance in the meantime.

It only becomes unenforcable after 6 years, providing you have made no payments and have had no correspondance. (This is known as statute barred.)

yogi1_2

thanks for the answers so far the cc debt is still with the original lender but I am confused as correspondance from a dca for another debt states they have to send these out