Moorcroft Letter

Brian2020

Hi, quick question about the old Moorcroft Letter.

I had an account which I forgot about in 2008 which was overdrawn by £30 and the last transaction made was my cancer research donation. In 2008 I lost my job and house and eventually got straight but in the process lost track of this account.

Moorcroft have taken this on and want £1700 from me in interest charges, its gone up by £700 in one years.

The bank have been sending letters to the previous address for 12 years, now Moorcroft have taken this on they've found me in a matter of weeks.

Because I've not made a transaction to this account, had any correspondence with the bank or confirmed to Moorcroft or the bank that this is my debt,, is this account/debt statute barred?

Cheers

Brian

sourcrates

Hi,

With Bank accounts its a little more complex, as you are not required to make any regular payments, the limitation period is 6 years, so it would be the date the bank called in your OD, or failing that, the date of default, which should be on your credit file, unless its dropped off already.

[Deleted User]

2008? Sounds like it's probably statute barred.

Brian2020

When would they have called in the OD, they closed the account this year.

As I say I've moved house so haven't recieved any of their correspondence so its not like I've been ignoring them.

I would have breached my OD limit years ago without knowing.

It's very confising really because this isn't actual money I've revieved like a loa

sourcrates

Same question again, is there a default date on your credit file, if so when  ?

Brian2020

Sorry, how do I find my credit file?

sourcrates

Experian, credit Karma, Equifax, all do free statutory reports, you can also log in and access them online via there specific websites.

Brian2020

So that probably explains why I recieved a letter from Wescot about something being registered with Experian. Is that the default date?

Brian2020

I've checked on Experian and theres not default accounts. My score is 998. TBH i had no idea this info was availble

Brian2020

So reading through the Limitation Act, is a current account a Simple Contract?

sourcrates

Brian2020 said:

So reading through the Limitation Act, is a current account a Simple Contract?

Yes its a simple contract debt, not one made under seal, just a written contract or oral agreement, for which the limitation period is 6 years.

However, as i said before, its slightly more difficult with OD debts, as the start of the limitation period, the "cause of action" date is widely accepted to be the time the bank calls in the debt, in most instances, this is the default date, however others say its the date of the last transaction on the account, it is open to interpretation, and if an impasse is reached, only a court can decide which is correct.