Are my defaulted accounts statute barred?

paramount7force

Hi, ive got good news today i recieved a letter from one of the debt collectors about it being statute barred. The debt was for over £1700.

I wont type the entire letter.

in the top left is my address underneath that are the account details with the outstanding balance: £0.00.

Two paragraphs from the letter read:

"Please accept my sincere apologies for any inconvvenience our communications may have caused to you."

"I can verify that the above account has been closed and MKDP will no longer pursue you for the outstanding debt."

Does this mean i can claim back the money i payed them in march £50.00??? How do i claim it back and please will the other two debts held by lowell also be statute barred as they were defaulted on by me and the banks within days of eachother?

Thank you everybody especially fermi for writing an excellent walkthrough.

eyeopener2

You've won, I wouldn't poke the bear again, just let it lie and thank the Lord for Fermi and the guys.

paramount7force

What about Lowell is it likely they will come to the same conclusion as i contacted them first and they are yet to reply.

paramount7force

Ive contacted lowell today and they say there debt isnt statute barred and that they are going with the default date set by the bank. They have started a new complaint as of today and i willl have to wait a further 8 weeks for a reply what should i do?

fatbelly

You already know that the default date is not the relevant date (certainly true for a loan or credit card, which you've stated this is). You've made your position clear. You don't need to do anything until/unless they start a court claim.

paramount7force

I took the loan out in june 2007 paid it for a couple of months then stopped then paid again stopped paying about december 2007 and then i made a payment on 23rd march 2014. Its a £2110 debt what do you think will it be statute barred? really need advice please ive got £1700 out of the way now this is hanging over me

paramount7force

please i need advice

ellerose

Less than an hour between your last two posts - calm down, people might be busy or at work, or not know the answer to help you. I'm sure people who know will post in good time.

National_Debtline

paramount7force wrote: »

I took the loan out in june 2007 paid it for a couple of months then stopped then paid again stopped paying about december 2007 and then i made a payment on 23rd march 2014. Its a £2110 debt what do you think will it be statute barred? really need advice please ive got £1700 out of the way now this is hanging over me

Hello there,

The majority of loans will make clear within their terms and conditions that they'll default/terminate the agreement where there have been a couple of missed payments. Given that there is potentially a four month gap between when you stopped making the payments in the summer of 2007 and when you made a payment in December, it could well be that the 'cause of action' started around Autumn 2007. It's impossible to say for sure, but it's likely. My gut feeling is that the six years would have started running and your December payment reset the clock. I have a hunch that the debt would have become statute barred around December 2013. As you already know, the date of the actual default notice is irrelevant.

The terms and conditions of the credit agreement will indicate when a lender can default/terminate an agreement. Most 'breaches' occur after either two or three missed payments, some after just one.

Best wishes,

David @ National Debtline

paramount7force

Thanks for the advice david i will be back soon to tell you the outcome hopefully. Thanks again.