7 yr loan

lukeyb83

hello, wondered if anyone could help? I had a 'disagreement' with my bank at the time regarding a unsecured loan this rolled on for so long that I decided to stop my dealings with the bank, 7 yrs passed and I believe this has now become statue barred about a year now? the bank has now sent a letter to me regarding a pension I had with them through my company many years ago and that they are trying to contact me, if I reply with my new details could this mean they can start chasing me for the loan again?

[Deleted User]

They can chase you. But if its statute barred, then it's no longer enforceable.

Gaz83

Won't they still have the right to set off from the pension, though?

lukeyb83

to be honest I thought as there wasn't a lot in the pension wether they would have kept it to cover the load? but I also wondered as the bank account was HSBC and the pension is HSBC Life weather they would talk to each other?
also I am assuming the load in statue barred as it has been removed from my credit ratings
also I am guessing they sold the debt on as for a long time I had letters from various different companies trying to retrieve it

Cycrow

Not being on the credit file doesn't mean the loan becomes statue barred.
when did you last make payments on the loan ?
as statue barred is based on when you last acknowledged the loan, not when you took it out, or when it defaults.

Also, when it becomes statue barred, it doesn't mean the loan is written off, or no longer exists. It just means they cant use the courts to enforce it. They can try other ways however

poppasmurf_bewdley

Statute barred just means they cannot go to court to enforce the debt. If the two arms of HSBC do talk to each other, then they might well take the money back by offsetting the debt against any surplus in the pension account.

Phoning them will not restart the clock on the statute barred status - once statute barred, a debt cannot become un-barred.

lukeyb83

how can you find out if it is barred? I cant find any existence of it anywhere and not been chased by a debt agency for approx. 18months
I haven't acknowledged it for at least 9yrs

poppasmurf_bewdley

lukeyb83 wrote: »

how can you find out if it is barred? I cant find any existence of it anywhere and not been chased by a debt agency for approx. 18months
I haven't acknowledged it for at least 9yrs

You can't. If you haven't paid anything towards the debt, or acknowledged it in any way, for six clear years, then the debt is statute barred. Period.

It is not up to you to prove it is statute barred, it's up to them to prove it isn't. But be aware, there are several unscrupulous debt collection agencies that are not beyond inventing the odd payment out of thin air.

bris

As has already been said they can't take you to court for it, but if you have funds elsewhere in the bank they can and usually do take it from that. This is something the banks do.