a stupid mistake as a youngster comes back to haunt me

Jezarel

Hi All.
Thank you all for your help. I didn't mean to cause such a sh1tstorm here. I don't pretend to have a clue about the law and I think its obvious that I'm not as clued up as some. It is a relief that the debt that I built up as a youngster is SB. Even if there is a bit of guilt for not paying back, being a student I am used to people telling me that they are paying for me to make my way through the world.

As such I have decided that I have worked since I was 17 and am in university in order to become a functioning member of society I will pay my way and pay back what I owed at some point.

For all those who just gave me the facts about how to sort this out Thank you.

Regards
Jez

Dave101t

Jezarel wrote: »

Hi All.
I will pay my way and pay back what I owed at some point.

Regards
Jez

you may mean it, but you have already failed, good luck to your wife.

Hanky_Panky

drewwhonumba2 wrote: »

The forum is called money SAVING expert...and the advice has been to not pay back DEFAULTS....as the debt no longer legally exists and is STATUTE BARRED.

Exactly - money saving not debt avoidance.

Also your embolden comments are completely inaccurate which is pretty much in line with your attitude.

drewwhonumba2 wrote: »

The financial crisis was caused by the banks trying to profit from sub prime credit and default swaps..and many bankers made huge profits doing so, its their fault if they didn't price risk accordingly.

:rotfl::rotfl::rotfl::rotfl::rotfl:
So innacurate it's actually funny and a good indicator of another one incapable of accepting any form of responsibility.

Trajal

Whilst I appreciate the views that we should all be adult and responsible regarding our finances now that we know better, the truth of it is that many people make mistakes in their past (or indeed simply suffer very bad and unexpected luck) and the consumer law exists in the form it does for the very purpose of allowing people a chance to recover from this, albeit after an extended period of time.

I don't think pillorying anybody is the correct way to discuss what are obvious consumer questions.

The truth of it is that we will all pay for these unpaid problems anyway. The companies that provide credit services build in plenty of fat from their clients who do pay on time to more than cover the losses elsewhere.

The very sad thing is that even if they made no losses on bad debtors, they wouldn't lower their costs to the rest of us. They would simply put money into a reserve fund as well as take a greater profit.

I'm not about to shed a tear for a financial institution being asked to uphold legal practice in this country and give someone who may have owned them a small amount of money 6 years ago a second chance.

The naive 'oh you should have paid it all back' comments in this thread are generally pointless and frankly people who have only that to offer on a forum where someone is asking about debt need to go and join another forum where they can sit up on their high horses and look down upon us mere mortals who *do* make mistakes and *do* need second chances.

[Deleted User]

Jezarel wrote: »

Not to fund mate, learnt hell of a lot, luckily for me. the card is a joint card for me and the missus, its just there to improve our credit score.

Remember there's no such thing as a "joint credit card". It'll only report onto the credit report of the first named person - the second person isn't liable at all for the debt.

Jezarel

Dave101t wrote: »

you may mean it, but you have already failed, good luck to your wife.

Thanks for that mate. Good luck to yours too man, careful though if your both stood on the same soap box it may collapse under the weight of such maturity. Its a long way down to the level of human beings.

Personal insults from marriage counselling trolls aside thanks again to everyone for helping.

Jez

donnap83

Jeesh, Morallity police, or what??

The debt is statute barred. He shouldn't have to pay it. It's the banks fault if they failed to chase it in the correct time frame.

He's admitted his mistakes, move on people!

dodger1

[QUOTE=drewwhonumba2;43413968Jezarel,_it_is_statute_barred....law_protects_you_here,_no_moral_or_ethical_argument....no_need_to_pay[/QUOTE]

Legally you are correct, moral or ethical argument however is open to debate. The law does not overide morals.

chattychappy

dodger1 wrote: »

The law does not overide morals.

Yep. The key difference is that the law is the same for everyone. Within a jurisdiction, everyone is subject to the same law - like it or not.

People are free to subscribe to their own morals.

My view (as a lawyer) is that if someone comes on here with a legal question then they are entitled to an explanation of the relevant law. I don't think people should be deprived of such advice or have to "apologise in advance" if they have done something most people find morally questionable. In an ideal society the law would be sufficiently clear that everybody would understand it, but it just doesn't work that way.

On the other hand, if an OP "comes on" with moral judgements themselves (eg "the greedy bankers deserve not a penny from me") then it becomes fair game for people to "pile in".

The current law is that typically debts are statute-barred after 6 years. Parliament has the power to change this to 99 years, re-introduce debtor's jails or make all debts unenforceable. Like it or lump it, 6 years it is.

[disclaimer: not giving legal advice here for anyone in particular]

MrsTinks

I might have missed this but where exactly did we determine it was DEFINITELY statute barred?

OP have you acknowledged or paid towards this debt in the last 6 years? As you appear to be hazy on the exact dates you might want to check this... Depending on the size of the debt have you also checked that they never got a CCJ against you? If you moved a fair bit as a student it might be registered against an old address...

As for paying it back - yes I believe if you borrow money you should pay it back... however if you pay it back now you are lining a company who has bought the debt for pennies in the pound and NOT the bank you borrowed it from...
And legally the debt still exists... they just can do much to force you to pay it...