We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Statute barred debt.
AJG384521
Posts: 94 Forumite
Thread Deleted
I have enough money to last me the rest of my life,as long as I die next Tuesday.
0
Comments
-
Its called "right of offset" and, as far as I am aware, there is no time limit on been able to do this.
The debt may be SB, but all that means is they cant get a judgement against you in court, it will not stop them taking the money from any account you hold with them.
http://www.moneysavingexpert.com/banking/setting-offI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Yes, you still owe them the money, and most probably will take money from your account if they realise you defaulted on a debt with them some years ago.0
-
Hi there,
I totally agree with Sourcrates and "Deleted User". The Limitation Act bars the legal remedy but not the right to recover the money itself. As such, if there is an alternative route to recover outstanding amounts owing, it would be perfectly legitimate for those routes to be used.
I would recommend choosing a different bank to be safe.
Best wishes,
David @ National Debtline.We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Hi there,
I'm in the same situation, but unlike AJG384521 I'm thinking to open a new account in a different bank obviously. I defaulted on it just over 9 years ago, and sent them a letter following your samples 8 months ago. After that letter I don't know whether it has gone off my credit file or not.
My question is would the new bank warn to the old bank? Thank you so much0 -
No they wouldn't and they wouldn't be able to take any funds from a different bank.
Its only if the banks are connected that they can do it ie with this 'right of offset'make the most of it, we are only here for the weekend.
and we will never, ever return.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards