Do we have to pay an 10 year old debt??

NeverAgain_2

If the OP/husband were owed £2,300 which was not repaid no doubt they would squeal loudly.

I'm with McKneff on this.

Great, this couple has got away with not paying, but the celebratory attitude doesn't do the OP much, er, credit.

Deep_In_Debt

I just feel sorry for those that don't know about this loop hole and end up having to repay the debts.


I know about the loop hole but I'm still paying the money - I spent it so I will repay whatever it takes.

Have to say I agree with McKneff on this one too.

Culex

The bank had six years from issuing a demand for repayment to take such steps that may have been necessary to enforce the debt. That should have been plenty of time for them to get their backsides in gear but yet it seems it wasn't.

In Scotland, the debt is actually extinguished - it ceases even to be collectable - after five years.

consultant31

bikerbabe500 wrote: »

Hi again

I just wanted to update and thank the kind people who gave me advice regarding our debt.

We filled in and sent off the Statute Barred template letter last week, and on Saturday received a reply - "thank you for your letter, this has been passed back to the original creditor and your account has now been closed"!!

So a MASSIVE thank you for the advice :T, saved ourselves £2300!!

I just feel sorry for those that don't know about this loop hole and end up having to repay the debts.

Thanks again

This post may have gone down better without those last couple of paragraphs. It does tend to 'rub up the wrong way' those of us who do knuckle down and pay our debts.

Culex

consultant31 wrote: »

This post may have gone down better without those last couple of paragraphs. It does tend to 'rub up the wrong way' those of us who do knuckle down and pay our debts.

It didn't irritate me in the least and, whilst I may not yet be completely debt free, I'm getting there.

insideinfo

In summary of this thread, are we to imagine that if all debt was repaid in full, from the terminally ill offering a £1 a month until they die, to the gone aways, the deliquent debt dodgers who rely on statute barred ....

Then a bank would have collected 100% of receivables and it would pass that on to you and me in terms of discounts and cheap loans. I think not, when you borrow you are swimming with sharks. They know a lot more about margins than we do. You may take a dim view of the statute barred loophole, it is however the law of the land. Morally speaking, the fag end debt collectors that buy these debts are pure chancers. If you really want to repay a statute barred debt through guilt or a feeling of duty, why didn't you pay it before.

For those that speak ill of the statute barred phenomenon, encourage debtors to send a postal order to the original creditor in payment of the debt and class it as a donation without your account details. That way you repay WHO lent, not the bottom feeders that bought the debt for a quid.

My twisted morality makes a lot of sense for both sides of the argument.

WRINKLES

When someone asks for help on this forum, they are not in a courtroom , they are not on trial , they are not asking for judgment, most people get into trouble through no fault of their own , i try to give constructive impartial advice, Gently scan your fellow man , as the poet said.

fozmcfc

WRINKLES wrote: »

You dont feel sorry for people who dont pay their debts,, that is a very sweeping statement, most people who get into trouble with their finances are pushed into that position by the banks, insurance companies, payday loans, or some rotten DCA, they heap charges on charges if you miss a payment , I have no sympathy with them they almost bankrupted the whole world with their greed, if you cant give someone a little impartial advice perhaps you are on the wrong forum.

Sweeping statement.

Somewhere out there is the worlds largest kettle and you've just informed it, it's black.

determined_new_ms

WRINKLES wrote: »

Gently scan your fellow man , as the poet said.

and that is a poet I may quote such an eloquent turn of phrase