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10 year old loan
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?
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?
0
Comments
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It won't be statute barred if you've paid within the last 6 years.0
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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.loose does not rhyme with choose but lose does and is the word you meant to write.0
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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.I used to think that good grammar is important, but now I know that good wine is importanter.0
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