9yr old loan..is it statute barred?

Bekbob

I have just received a letter from MK Rapid Recoveries. Its for an old loan from Welcome Finance. The loan was taken out in 2003. It was in the joint names of myself & my ex partner to buy a new fridge/washer/dryer etc for our house. The paymenrs were set up to come out of his bank account. We broke up in 2006, at which point I discovered he had stopped making payments months before. I have heard nothing about this until I got a letter today. Am I liable for this? Thanks

McKneff

If no payments were made or any acknowledgement of the debt has been made in the last 6 years then yes, it is statute barred and neither of you can be chased for the debt,


It is still owed but you cannot be pursued in court for it.


Just send them a sb letter

CKhalvashi

You are still liable, in that it's still owed.

Because it's more than 6 years old, they can no longer use the courts as a collection tool, however.

National_Debtline

Hi Bekbob


As the folks above suggest, this debt looks likely to be statute barred and thus unenforceable through the courts. You may find our fact sheet useful as it contains a sample letter you can use:


https://www.nationaldebtline.org/EW/factsheets/Pages/25%20EW%20Time%20limits%20for%20recovering%20debts/Default.aspx


Dennis
@natdebtline

WG0608

Yes, over 6 years statute barred.

Rob_Mogs

So statute barred means that if they've not contacted you, or you not contacted them in the last 6 years?

as I've got a debt that's 5years old in a month, but have recently found out about it and it was I who contacted them, not them who contacted me.

Angry_Bear

Rob_Mogs wrote: »

So statute barred means that if they've not contacted you, or you not contacted them in the last 6 years?

as I've got a debt that's 5years old in a month, but have recently found out about it and it was I who contacted them, not them who contacted me.

Statute barred is when you haven't acknowledged the debt for 6 years (5 in Scotland). "Acklowledge" means making a payment or putting something in writing to the person you owe. If you contacted them in writing, you may have reset the statute barred clock, it would depend on what you said.

Rob_Mogs

Angry_Bear wrote: »

Statute barred is when you haven't acknowledged the debt for 6 years (5 in Scotland). "Acklowledge" means making a payment or putting something in writing to the person you owe. If you contacted them in writing, you may have reset the statute barred clock, it would depend on what you said.

yep thats reset it then!

Marktheshark

Beware they will invent payment/s