Old Loan

johnmichaeldoyle

I've got an old loan i didn't pay and it went to debt collectors.

My friend told me if the debt collectors don't have a copy of the original credit agreement, then the debt is wiped and i don't have to pay it back?

Does anyone know how true this is?

Apples2

Wishful thinking, you still owe the money.

If it passes 6years then it may become Statute Barred. This measn they cannot take you to Court for it, but you still owe the money.

Out of interest, is there a reason you don't think it necessary to repay the money?

andy.m_2

have you also considered that it was mis-sold, with PPI added.

Good grief the OP could retire on thia payout!

RichGold

Its been said before that alongside the "thanks" button there should be a "no thanks" button.
I'd definitely push it for the OP.

iolanthe07

Why do you think that you should be exempted from your obligation to the lender to repay what you borrowed? Did you imagine the loan was a gift?

My friend told me if the debt collectors don't have a copy of the original credit agreement, then the debt is wiped and i don't have to pay it back?

This is no longer the case. If you have not acknowledged the debt or paid anything off it for six years (5 in Scotland) then it may be Statute Barred. It is not 'written off'. The money is still owed, but the lender cannot persue you through the courts.

KingElvis

If they have obtained a CCJ for the debt then they can still apply to the court to have that enforced, even after the six years.

This is not likely but you can check online, just type Registry Trust into Google.