Loan terms

Joebloggs1979

Hi all 
I was wondering if anyone can help with some advise please.
I have had a company put an outstanding loan on my credit file which is 16 years old. I have contacted them to appeal against this and have not acknowledged it, the company has obviously brought the debt and the first correspondence is myself seeing it on my credit file.
Can anyone help with advise to whether I have to pay this or not.

sourcrates

Hi,

I`ve moved your post to a more appropriate thread.

Which company are we talking about here ? One who specialises in buying old statute barred debt i will assume.

A debt of that age, as long as you have not paid anything towards it, or acknowledged it in writing, for any period of 6 years, since it defaulted, will be statute barred under sec 5, limitation act 1980, so no, you won`t have  to pay it.

When they do write to you, take note of the dates, make sure it is what you say it is, then send them this letter -

https://www.nationaldebtline.org/sample-letters/time-has-run-out-recover-debt-ew/

Also don`t forget to request they remove the entry on your credit file also.

Joebloggs1979

Hi thanks for the reply and the advise the company is called elderbridge!!!