Odd question!

Fibabe

About two and a half years ago I got a loan from the company that I worked for to get a train season ticket. The loan was for approx £3000.

6 months later the company went down the pan and administrators took over.

I was sent a form to list how much the company owed me for wages etc. There was also a box stating if I owed the company any money, I clearly stated the loan, of which I still had £1500 to pay back.

17 months later, and I haven't heard anything reguarding wanting this money back. I know that the administrators are still sorting things out as there are a lots of creditors.

Does anyone know if there is a time limit before this money can not be asked for? I don't want to spend it and then the next day they ask for it.

Still it's collecting a nice amount of interest in my ISA!

jonesMUFCforever

Six years from when you completed the form to the administrators.

Arch-Angel

My first thought would be the Limitations Act - which makes any debt "statute barred" after 6 years have passed. You still will owe the money, you just can't be pursued through the court for it. There's lots of caveats to the Limitation Act (no contact for 6 years for example).

I honestly don't know if this would apply in your case - there may be a loophole given that the firm you owe the money to went into liquidation. However, for the moment at least, earn a few pennies in interest from it...just don't spend it for now!!