Old Student Loan.. Statute-barred or written off?

fulcanelli

I have a Student Loan - old style from SLC, mortgage type - from 1995. It seems it has been sold to Erudio.

I have spoken to them and they say they won't pursue me for the loan as it is Statute-Barred - but this means it is not written off.

I have some questions:

1) What is the difference between Statute-Barred and Written-Off?

2) Is it possible for a Statute-Barred loan to eventually become Written-Off?

3) If so, when can this happen and what is the process?

I have heard conflicting things - written-off at 50, at 65, 25 years after loan taken out and never.

Can anyone shed any light on when I might expect this loan to be written-off?

-taff

Statute barred means they can't pursue you through the courts for repayment.
Written off means the debt has been expunged in such a way that you wouldn't be asked to pay it.
I very much doubt the debt will be written off ever. It'll just get sold to various companies who will contact you for payment in which case you respond to them with the statute barred letter.

System

https://blog.moneysavingexpert.com/2017/05/will-student-loan-written-off/

Student Loans which you were on are written off either 25 years after you graduate or when you hit 50, whichever is earlier. If you graduated over 40 they're written off when you reach age 65..

sourcrates

Usually, (not always) but usually, once youve had it confirmed in writing the debt is statute barred, it should not be chased again.


From a long-term financial point of view, studant loans do not directly affect your credit report. This is because they won`t show up on your report, as they're deducted from your future income automatically with a fixed percentage after graduation.


So for you, statute barred is as good as written off.