Repayment of buisness loan 18 yrs,advice please.

learntthehardway_2

18 YEARS AGO I had a sewing business which i had to close due to recession in 1980's, people went bankrupt on me, cut a long story short I ended up owing Nat West Bank £4,200 on my business account...but when everything sorted out with my Accountant the final figure was £8,200 (interest added):eek:, I have been paying this debt off for 18 years:eek: in amounts affect by my circumstances, the debt was passed around different companies and I used to ask for statements which I never got !!!!!.......this debt has now been 18 yrs, I stopped paying and asked for details of what/how much this debt is outstanding ???.driving me nuts !!!....I've received letter off solicitors saying I owe £2,875 to be paid in 10 days or court action (on DMP) cant pay full amount. My question is ...Is this debt still enforcable after all this time ??? especaily when I have been paying it off at first £80 month, sometimes £50, lowest £30,monthly and no-one will show me statements or original debt papers???? Please can someone advise me??:mad:

Tixy

I assume you were a sole trader and the account was in your name? If so I beleive it should be covered by the consumer credit act (you might want to double check that with national debtline or business debtline - both free to call - as the rest of my advice assumes it would be under the CCA)

Have you ever written for a copy of the credit agreement? If not then it might be a good idea to do this now (you need to send formal letter, £1 fee and send recorded) this should stop legal action until it is found and sent to you (which after 18years and several DCAs could take them some time). The debt can only be enforceable if they can produce a copy of the credit agreement.

EDIT - link for template letters to request a CCA (and info on unenforceability) - https://forums.moneysavingexpert.com/discussion/2532927