Quick question Re statute barred...

Takingcontrol_2

Hello all, just a quickie for the more knowledgable :cool: Can an overdraft become statute barred? If its not been paid towards etc for over 6 years? or does it only apply to credit accounts ie Loans, credit cards?

Tixy

Yes it can. Though the timing of when the relevant date starts for SB is a bit different and depends on what happened with the account.

Eg it can often be the date they officially recall the overdraft (as that is the date it becomes due) as the first possible SB date (obviously later payments/acknowledgments after this would restart it).

poppasmurf_bewdley

If you've used the account at any time during the six years, I doubt it will be statute barred.