how long can they chase me

chopper2

Hello everyone,
perhaps someone could advise me.
11 years ago I completed college with 10 grand dbts. I was advised that if I kept my head down it would (could) be wiped from my credit records after 6 years.
However ,I have just started to recieve debt letters threatening to take matters to court.
I would like to know if this is legal and how I should get my credit sorted so I could get on the property ladder

carrliadiere

chopper2 wrote: »

Hello everyone,
perhaps someone could advise me.
11 years ago I completed college with 10 grand dbts. I was advised that if I kept my head down it would (could) be wiped from my credit records after 6 years.
However ,I have just started to recieve debt letters threatening to take matters to court.
I would like to know if this is legal and how I should get my credit sorted so I could get on the property ladder

If you owe people money, and it's not a student loan from the student loan company, and you haven't paid them their money, then they have every right to chase you down and take you to court.

What exactly are your debts, and how have you been repaying them?

GreyPilgrim

To be blunt, the best way to get your credit sorted is to pay it off.

I ran from student loans for years but they eventually found me. Once I'd knuckled down and paid them off it was a great feeling - I wish I'd actually spoken to them in the early days and arranged a regular nominal payment, rather than having the amount I owed increased by debt collection agency fees.

You need to get this sorted as soon as you can before the debt gets even bigger

fair dues chopper - you spent the money, you should pay it back.

GP

carrliadiere

It transpires that after 6 years of no contact and no payments the debts become unenforcable. I'm not sure how I feel about that, though...

wok_boy

carrliadiere wrote: »

It transpires that after 6 years of no contact and no payments the debts become unenforcable. I'm not sure how I feel about that, though...

I know my feelings, but as the title of this forum states, were not here to judge people.

carrliadiere

wok_boy wrote: »

I know my feelings, but as the title of this forum states, were not here to judge people.

Good call.

moonlightpjs

I'm not sure if it applies to student loans but with normal credit, if you havent paid anything or acknowledged the debt (ie had contact with the loan company) then after 6 years the debt is statue barred meaning they cannot enforce the debt.. Again, though, i am not sure if this applies to student loans. You could ring the NationalDebtline on 0808 808 4000

or use their website though I couldn't find student loans mentioned:-

http://www.nationaldebtline.co.uk/england_wales/index.php

Edit: Sorry, just re-read your OP - can you clarify if the debts are student loans or not as this would help. Normal CC's, Loans etc are subject to the statue barred rule though I am not sure how you have avoided having any contact at all with them for 11 years??

moonlightpjs

Also, sorry, the debts remain on your credit file for 6 years after the default notice was issued (if, indeed, any were). So, for example, if **** Bank issued a default notice on 01/01/2000, it should not be on your credit file now. You would need to check your credit files with Experian and Equifax to check this and also check that no CCJ's have been issued

As far as I am aware, if the debt is indeed statue barred, then they have to remove the default if it hasn't already dropped off because 6 years have passed.

I'd hang around a bit and see if Rog2 comes on as he will know more about this.

Sorry I couldn;t be of more help.

Kevicho

Chopper who are these debts with, and who were they from originally?

As stated above normal debts become statute barred after 6 years of no contact.


However student loans (with the student loans comapny) dont operate in the same way as most loans (they do disapear after 25 years) so im sure if this is the case you may have to start paying this back.

I dont condone running away from debts, I personally think you should make a sizable donation to a worthy charity to make up for the loss we will all have to pay for, however the law looks like its on your side, which in principle getting one over the big corporations is a good thing

fermi

The factsheet below from the NDL site explains the Limitation Act in full:

Factsheet | Liability for Debts and the Limitation Act

Please read through the factsheet in FULL.

In particular with regards to student loans from the SLC it says:

Student loans

Student loan agreements are simple contracts and this gives the Student Loans Company (SLC) six years from the date you last paid or acknowledged the debt to go to court to enforce the agreement. There are two sorts of student loans and different rules apply depending upon when you took out the loan.

Old style student loans
Old style or 'mortgage' student loans are consumer credit agreements. Payments cannot automatically be deducted from your wages. The SLC has to go to court before they can enforce the debt against you. This means that the Limitation Act can apply if you have not paid or acknowledged the debt for over six years.

WARNING Asking for the loan to be deferred could count as acknowledging the debt and start time running again.

New style student loans
From September 1998 new style or 'income contingent' student loans include rules to say that repayments are automatically deducted directly from your wages or through your tax return if you are self-employed. This means that the SLC are still allowed to take money from your wages for a loan over six years old as they do not have to go to court to do so.

chopper2

First of all I would like to thank you all for your reply.

The debts I accrued were with the student loan company and two high street banks student accounts. I dont know if i had any ccj . I thought that if you owed money you automatically had a ccj.
Also if my debts are statue bared and my default automatically removed from my credit report ,then why am I still being hunted/
Or does this mean that the debt collectors have bought the debt even tho it is wiped from my report
slightly confused
thanx