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Statute limited..?
Hi, new here so thanks in advance for any advice. I took out a personal loan for approx £20,000 in 2010 which defaulted due to me getting divorced and being unable to make repayments. For a while I was making reduced payments. The last payment I made was exactly 6 years ago today, on 14.11.11. In the 6 year period I have received regular statements but no demands for payment. The only transaction on these statements was a refund issued by the creditor in relation to some error with interest or something, which reduced the balance to approx £15,000. I have made no payments in the last 6 years and have not written to them at all, or spoken on the phone for that matter. Am I right in thinking this is now statute barred? If so, should I do anything now, or just wait and see if they do anything?
Many thanks.
Many thanks.
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Comments
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If a credit was made to the loan I think the clock has been reset - when did they do this?0
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Hi, thanks for the reply. I don't know the exact date without checking but I think it was a couple of years ago. I thought I had to make the payment in order to reset the clock?0
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jonesMUFCforever wrote: »If a credit was made to the loan I think the clock has been reset - when did they do this?
I wouldn't have thought so, otherwise all creditor would have to do would credit something now and then and the clock would never run out0 -
What's the Default Date on your credit file? It will drop off your credit file after 6 years from this date, if not already, if the default date was was after 14/11/2011 which presume it will be if that was when you last paid.
If it's genuinely 6 years since you last made payment, then yes it's Statute Barred. The debt still exists but is not legally enforceable. I would keep quiet a little longer though.
Do you not have a CCJ for this debt then? Was there no legal proceedings, attachment of earnings etc made?0 -
Hi, thanks for the reply. I don't know the exact date without checking but I think it was a couple of years ago. I thought I had to make the payment in order to reset the clock?
This would be open to legal argument, the limitations act states :
“A payment made by you or your agent”
Your argument would rest on weather the creditor was acting as your agent, or not.
You could maintain your statute barred defence anyway, if you were contacted about this debt, it would be up to them to decide if it was worth fighting it or not.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
It went off my credit report about 5 months ago, it defaulted quite some time before my last payment. No CCJs. So should I do nothing and see what happens?0
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It went off my credit report about 5 months ago, it defaulted quite some time before my last payment. No CCJs. So should I do nothing and see what happens?
What else did you have in mind ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Good point. Nothing I suppose!0
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Good point. Nothing I suppose!
That's right. Do nothing unless they - or a DCA - contact you about repayment.
Then you can send the statute barred letter.
http://forums.moneysavingexpert.com/showpost.php?p=34906257&postcount=5"There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
Thanks everyone I shall continue to do nothing.0
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