need help with some `hearsay` advice!!!

simon5

Hi, ive currently got an old lender trying to contact me threatening legal action for non-payment of an unsecured loan of £7000 from 1998.
Someone told me that if the loan is over 7 years old they have no powers to enforce any payments from me as it it too old.......????????
Would love to know if this is true and anymore details/suggestions would be gratefully recieved.

jonesMUFCforever

When did you last make a repayment?
Have you had any correspondence from anyone about this before now? and if so what was your reply?

fatbelly

If you haven't acknowledged the debt by making a payment or some other way for six years then it's 'statute barred' under the Limitations Act.

It then can't be enforced in court and you can state that you are making no further payments towards it.

More info here