7 year old unpaid debt advice needed?

Tdriver

Hi all,

I'll try keep this short and to the point.

I took out £1200 loan with welcome finance. At the time I was paying it back but then lost my job. I informed them of this and told them that I would not be able to repay until I found a new job. I had one of there reps turn up on my doorstep very early and unannounced saying it was fine blah blah and asked me to sign some paperwork which I later found out made the payments lower but increased the APR this increasing the debt! I was in a bad frame of mind at the time so didn't read the paperwork properly. Anyway, I still had no job and eventually ignored the loan.(silly I know). This was 7 years ago and about an hour ago, I received a call from a company regarding this loan. I think they must have brought the debt from welcome finance. My question is, how long is it before an unpaid debt becomes void? I've heard nothing from welcome finance in all this time, ok I've moved a few times since then but this has come out the blue! Any advice would be appreciated. Thanks.

Heffi1

A debt becomes statute barred after 6 years as long as you have not acknowledged or paid anything to it in that time.

McKneff

Although it is statute barred and is not enforceable, it doesn't mean you don't owe it. You do.

Has there not been a time in the past 7 years at all when you could have started paying it back.

There is a stature barred letter on the forums somewhere, if someone would be kind enough to post a link.

Send that off and wait.

Tdriver

If I had remembered it then I probably would have tried to pay. Also, I did pay quite a few repayments yet the amount has stayed the same. According to the woman who called me the debt is still outstanding in the amount of £1200! The exact amount borrowed in the first place.

McKneff

Can you remember the last time you actually paid anything or acknowdged the debt at all.

Tdriver

About 7 years ago when i complained about the unannounced visit.

Happytogetdebtfree

Did you acknowledge the debt on the phone ? Would that count? I don't really know, hopefully it's statue barred, good luck with your journey x

fermi

Happytogetdebtfree wrote: »

Did you acknowledge the debt on the phone ? Would that count? I don't really know, hopefully it's statue barred, good luck with your journey x

No. It wouldn't count.

Acknowledgement has to be signed acknowledgment in writing by the debtor to count.

Plus, once a debt becomes statute barred it stays that way. Permanently. Acknowledgement once barred does not "unbar" it.

fermi

McKneff wrote: »

There is a stature barred letter on the forums somewhere, if someone would be kind enough to post a link.

Letters, detailed info and further links to help in this thread.

https://forums.moneysavingexpert.com/discussion/2606811

Tdriver

Thanks all. Very kind of you. Thanks for the info.