10 year old loan

JNR

I had a loan in which I ignored as I lost my job.
During the last eight years I've paid minimal, but stopped maybe two years ago. Now I'm looking an IVA. However I have been advised that my loan debt might be 'statute barred'.
should I just ignore these debt collectors?
Also can I cancel a contract that I signed six days ago for my IVA?

[Deleted User]

It won't be statute barred if you've paid within the last 6 years.

redpete

As far as I am aware it becomes statute barred if you have made no payments nor acknowledged it as your debt for 6 years - so in your case the lender (or whoever owns the debt now) can chase you for it.

iolanthe07

However I have been advised that my loan debt might be 'statute barred'.

Whoever advised you of this didn't know what he/she was talking about. If you paid something towards the debt two years ago, then it won't be statute barred, and collectors have every right to chase you for it, within the law.