My biggest debt was statute-barred yesterday...

heartbreak_star

...I feel both elated and guilty...why do I feel like this?

My total debt is now <£3k however :beer:

HBS x

sourcrates

heartbreak_star wrote: »

...I feel both elated and guilty...why do I feel like this?

My total debt is now <£3k however :beer:

HBS x

Guilty ? why ?, the statute of limitations is there for a very good reason, they will of had plenty of time to exercise there rights, and failed to do so.

No guilt needed.............!!!!

rizla_king

Keep hold of documents like bank statements so you can show no payments were made. Debt collectors make them up sometimes even in front of a court so you need to be prepared just in case.

heartbreak_star

Thank you I can get up to ten years' statements online, I think, so that should be OK!

HBS x

tomtontom

I'd be feeling pretty ashamed, but then I wouldn't dream of not repaying what I owe. Suggesting it is the lender's fault for not chasing money you borrowed and you spent demonstrates a complete lack of personal responsibility.

Nothing personal hbs, just my view

heartbreak_star

It was after a long-running set of disputes, back-and-forth letters, and bodged-together documents that didn't even have my signature on to be quite fair.

Anywhere that's provided the correct documentation that I requested after I recovered from the various mental and physical health issues that plagued my twenties have been repaid or are in the process of being so.

Please don't judge circumstances that I hope you never find yourself in, tomtontom. I actually find your opinion very refreshing in many threads, but in this one I find it rather judgmental.

Thanks for making me want to crawl under a rock, away from the real people who deserve nice things.

HBS x

rizla_king

No need to be ashamed at all. Please dont take such comments to heart.

Takeaway_Addict

The debt is still there, it just cannot be enforced. And you don't actually deny owing the money, just that whoever you owe didn't do things properly.

sourcrates

tomtontom wrote: »

I'd be feeling pretty ashamed, but then I wouldn't dream of not repaying what I owe. Suggesting it is the lender's fault for not chasing money you borrowed and you spent demonstrates a complete lack of personal responsibility.

Nothing personal hbs, just my view

No, I cant agree, that's just too much of a "one size fits all" sweeping statement.
Things happen in life, that we have little or no control over, job loss, redundancy, hours get cut, failed relationships.

Most people don't set out to not repay what they owe, its usually the result of a life changing event.

I would think 6 years is perfectly adequate to recover whats was owed, and they have failed to do so.

Muhren

sourcrates wrote: »

No, I cant agree, that's just too much of a "one size fits all" sweeping statement.
Things happen in life, that we have little or no control over, job loss, redundancy, hours get cut, failed relationships.

Most people don't set out to not repay what they owe, its usually the result of a life changing event.

I would think 6 years is perfectly adequate to recover whats was owed, and they have failed to do so.

Whilst I agree that one size doesn't fit all, I'm sure that a lot of people have had some sort of experience has led them into debt. Does that mean that they don't have a responsibility to repay their debt?

As for statute-barred situations, my understanding is that although repayment can not be enforced it does not mean that a debt doesn't have to be repaid.

sourcrates

Muhren wrote: »

As for statute-barred situations, my understanding is that although repayment can not be enforced it does not mean that a debt doesn't have to be repaid.

What is the Limitation Act?
The Limitation Act 1980 sets out the rules on how long a creditor (who you owe money to) has to take certain action against you to recover a debt. The time limits do not apply to all types of recovery action. Also, the time limits are different depending on the type of debt that you have. This fact sheet outlines when you can use the Limitation Act, and includes a sample letter you can use.

Limitation periods for debts are important, because if the creditor has run out of time, you may not have to pay the debt back.

What does ‘statute-barred’ mean?

If a debt is barred under statute, it means that by law (the Limitation Act), the lender has run out of time to use certain types of action to try and make you pay the debt.

Statute-barred does not mean the debt no longer exists. In some circumstances, the creditor, or a debt collection agency, can still try and get money from you. You can choose to pay if you wish. Even if the debt is statute-barred, it may still be on your credit reference file. This may make it harder for you to get further credit.

Unsecured credit debts are things like credit cards, store cards, personal loans and catalogues. When using the Limitation Act, these debts are often called ‘simple contract debts’.

The Limitation Act says that the limitation period for simple contract debts is six years.

The cause of action (when the limitation period starts running) for simple contract debts, is usually when your agreement says the creditor is able to take court action because you have fallen behind with payments. This is normally after one or two missed payments. Sometimes, a debt will have no set repayment time. For these sorts of debts, working out the cause of action is more difficult. Contact us for advice.

A simple contract debt will normally be statute-barred if:

the creditor has not already obtained a county court judgment (CCJ) against you; and
you or anyone else owing the money (if your debt is in joint names) have not made a payment towards the debt during the last six years; and
you have not written to the creditor admitting you owe the debt during the last six years.

Basically the consumer credit act is there for the protection of lender and borrower, the rules are set out for all to see, if either party chooses not to follow these rules, then thats is there problem, the OP has done nothing wrong.