Can they take my assets?

cumulus.james

I have a debt which was kind of fraudulent, basically it was created by my son several years ago. It was a bank loan of £30,000 I defaulted in 2006 and left it as that. I do not see it as my debt so I have left it be. I recently viewed my credit report and it is due to come off in just over a year.

My concern is that I am planning my retirement, which should be in 5 years or so. I am looking to take out my company pension and invest in a buy to let flat. My fear is that if I take my pension then buy a property with it then this debt will be called in, I will be taken to court and lose my property/pension.

Is it possible they could take my assets after all this time? And as the debt was not even mine but produced in my name can it still be enforced?

DVardysShadow

At £30,000 no one will let that go. My feeling is they will not allow it to go statute barred [6 years without a payment or written acknowledgement of the debt], but will take you to court. If that happens, your choice is probably to fight it on the grounds that it is your son's debt, or accept a default judgement against you. I think you will have a hard job mounting a substantive defence on any other grounds - because it could only be perjury. If you lay out the matter before a solicitor as you have laid it out here, I think that would be the only defence he would put on your behalf

fatbelly

cumulus.james wrote: »

I have a debt which was kind of fraudulent, basically it was created by my son several years ago. It was a bank loan of £30,000 I defaulted in 2006 and left it as that. I do not see it as my debt so I have left it be. I recently viewed my credit report and it is due to come off in just over a year.

Is it possible they could take my assets after all this time? And as the debt was not even mine but produced in my name can it still be enforced?

If you are in England/Wales they have six years to commence court action (five years in Scotland). You need to be clear when you last acknowledged the debt by way of payment or in writing. The clock started ticking when they COULD have started court action but is extended if you acknowledge the debt.

No assets can be touched (bailiffs, charging order, 3rd party debt order) until they have secured a ccj AND YOU HAVE DEFAULTED ON IT.

So for now, it is a case of 'the ball is in their court'. Sometimes, doing a credit search serves to stir things up. If things stay quiet, you probably shouldn't try agin until you know the entry has gone and the debt is statute barred.

Marine_life

cumulus.james wrote: »

I have a debt which was kind of fraudulent, basically it was created by my son several years ago. It was a bank loan of £30,000 I defaulted in 2006 and left it as that.

What was the loan for and why has your son not taken responsibility for it?

barbarawright

The debt can't be 'kind of' fraudulent. If your son took out a loan of £30,000 in your name, without your knowledge and with no intention to repay, that's fraud on his part. If you did know about it but still have no intention of repaying, and never have had any intention, that's fraud on your part. Since you say you defaulted, did you pay any of it?

p00hsticks

cumulus.james wrote: »

Is it possible they could take my assets after all this time? And as the debt was not even mine but produced in my name can it still be enforced?

If the debt is in your name, then as far as the debt company is concerned, it's yours.

If you are saying that your son took out the loan by pretending to be you and forging your signature, then if you intend to try to use this as a reason for not repaying the loan then you need to report it to the police if you haven't already done so and be prepared for them to take criminal action against him.