Statute of limitations on credit card debt

Lxs_2

Hi, could anyone advise as I was getting out a bank loan recently and had a credit card payment not made since 2004, I rang the credit card company and the recalculate and had increase interest and fees whatsoever of over 26,000, since I heard nothing since 2004, is there a statue of limitations to protect me before a agree on Amy terms with the credit card company?

BoGoF

I have read that post a few times and it makes no sense to me I'm afraid.

creditcardhelp11

If you have not acknowledged an unsecured debt (i.e. credit card) then it will be statute barred after 6 years. At first instance this is statute barred so just forgert the debt and send them a statute barred template letter. Basically means the debt collector cannot take court action or if they do you just defend by saying this debt is statute barred.

Tixy

I guess the OP is using swype, i get odd results with it.

If you have a credit card debt and haven't made a payment or written to acknowledge it for 6years, and if the creditor (or debt collector) have not obtained a CCJ against you then the debt is statute barred.

However the debt still legally exists, and if you opened an account with the same bank they would be entitled to offset funds from new account to pay old debt.

Fruit_and_Nut_Case

Lxs wrote: »

Hi, could anyone advise as I was getting out a bank loan recently and had a credit card payment not made since 2004, I rang the credit card company and the recalculate and had increase interest and fees whatsoever of over 26,000, since I heard nothing since 2004, is there a statue of limitations to protect me before a agree on Amy terms with the credit card company?

Hi. Where are you located? This forum is based in the UK and is probably not the best place to ask if you are elsewhere.

Lxs_2

Tks, yes, I'm located in S'pore. As not much info supply on credit card statue limitation here, however S'pore based on UK law, that is why I'm on this forum to seek advice. Understood from credit card company my outstanding was since 2004 and only recently applying for loan, credit bureau show my outstanding, this is over 8 yrs:) want to know how to resolve as Credit Bureau show owing $4000, now I've contacted the credit card company they want me to pay including interest up to $31000, what is my chances of nego with credit card company or am I as per mention have reach statue of limitation? Tks for your advice everyone

talana

udydudy

Lxs wrote: »

Tks, yes, I'm located in S'pore. As not much info supply on credit card statue limitation here, however S'pore based on UK law, that is why I'm on this forum to seek advice. Understood from credit card company my outstanding was since 2004 ......., this is over 8 yrs:)......

IMHO there is a key point here before you can decide wether it is statute barred. the card company has said the outstanding is since 2004.... do they mean that was when you did the purchase/BT/CashAdvance or is that the last payment made on the account.

If the former(purchase/BT/Cash Advance) then that would not make it statute barred. but if the last payment and/or any contact made with the card company aboput this debt is more than 6 years before then it should be statute barred. If in the past 6 years from you contacting them this time you have made any payment or contacted them then I am afraid it would not be statute barred.

Hope this helps, If I am wrong on anything I mentioned then someone with more knowledge on the subject would surely come along and correct me.