We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Card debt sold to new com
petunia100
Posts: 536 Forumite
in Credit cards
A new company has taken over my debt. I was paying £1 per month.However as the debt is over 6 years old, I wonder if I don't acknowledge the new company requests could I avoid anymore payments?
0
Comments
-
Only if you can avoid them for another 6 years and there's no CCJ in that time.0
-
Deleted_User wrote: »Only if you can avoid them for another 6 years and there's no CCJ in that time.
Surely it's already time barred.0 -
petunia100 wrote: »Surely it's already time barred.
Not if you've been making payments towards the debt.0 -
petunia100 wrote: »Surely it's already time barred.
A debt is only statute barred 6 years after you last acknowledged it, paying even last month means 6 years from then i.e. March 2025 before it would become barred and they can apply for a CCJ any time in that periodSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
petunia100 wrote: »A new company has taken over my debt. I was paying £1 per month.However as the debt is over 6 years old, I wonder if I don't acknowledge the new company requests could I avoid anymore payments?
So using a similar example you think that if you take out a mortgage after 6 years you can stop paying and then it becomes immediately time barred and they can't force payment :rotfl:0 -
This is EXACTLY why they are happy to take £1 a month. It's just insurance against it being barred.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
-
So using a similar example you think that if you take out a mortgage after 6 years you can stop paying and then it becomes immediately time barred and they can't force payment :rotfl:
Obviously not because they could place a charging order on the property. I am talking about an unsecured debt.:rotfl:0 -
The new company may well assess your ability to pay more now as your circumstances could have improved in the 6 years.0
-
Token payments count as acknowledgement.
So the 6 year clock resets to when a payment was last made0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards