Overdraft debt.

stapeley

hi , got letter from our freinds at lowell , they seem to have purchased a debt from NATIONWIDE .How does the statue barred effect overdraft debts . No contact has been made regarding this for at least 6 years . CHEERS

Culex

When was the notice of default issued and repayment in full demanded?

stapeley

Would have been some time ago , i have moved several times .

Culex

You'd need to be more precise than that, if you are to rely on sections 5 and 6 of the Limitation Act 1980.

Section 6 (3) "starts the clock running" with the demand for repayment.

stapeley

Sorry but because i,ve moved afew times i have not received anything but am sure it would have been at least five years .

stapeley

Shameless bump up sorry

fermi

As it's Lowells, it's a pretty good bet that it is statute barred.

So it's a case of deciding whether to send the SB letter or not?

If you did and they claim that it isn't SB, then it would be up to them to prove that it isn't with genuine evidence that would stand up in court. Usually they can't do that.

They will often tell porkies about the 6 years starting when a default was entered on your credit report. That is not true, and for an OD it is certainly the time when the creditor demanded repayment. Perhaps before depending on what the bank put in writing when the OD started.

The alternative is to ignore them until you are confident that the debt is statute barred.

With that option they..

- May go to court - Very very unlikely for Lowell, even if the threaten it, but miracles sometimes do happen.
- May sell it on to someone else?
- Put spurious defaults etc on your credit file?

Up to you to make the call depending on how you feel about it suppose?

If push comes to shove then you could SAR the original creditor to find out when the OD was demanded back? Probably only worth it if actual court action looks likely though.

How much is this for roughly by the way?