Statute Barred debts.

spaniels_rule

Morning,

I am trying to go through my debts to decide what to do, and was wondering what kind of debts would be considered Statute Barred?
Should I add them even they may not be.?

Also if they aren't on my credit files, should I not add them, or should I list every debt I have ?

Another question is some of my debts are joint, what happens with regards to single and joint debts?

Thanks!

fatbelly

We're going to need some specifics

Post a Statement of Affairs, list everything, and we'll take a closer look.

Generally speaking, if you haven't acknowledged a debt by payment or in writing, for six years, and the creditor has not started court action in that time, then it should be statute barred. But the details could be different depending on the specifics of the case.

sourcrates

Basically, any consumer credit debt, which you have not paid, or acknowledged in writing, for any period of at least 6 years (England and wales/5 years in Scotland) which has not been subject to legal action, could potentially be statute barred, which according to the Limitations act 1980, means you do not have to pay them.

If you are contacted about such debts, you would need to inform the creditor they were statute barred, so its best to deal with each on an individual basis.

With joint debts you are both liable for the full amount on most accounts, best to do an SOA, as suggested above, otherwise advise given can only be general.