dmp or iva

124

Comments

  • sourcrates
    sourcrates Posts: 28,854 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Limitation period is 6 years, time has run out to collect on that one, it would be statute barred by now.
    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-letter
  • tp555
    tp555 Posts: 26 Forumite
    First Post
    Limitation period is 6 years, time has run out to collect on that one, it would be statute barred by now.
    Does the time start from the first invoice date? thanks
  • fatbelly
    fatbelly Posts: 20,465 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    edited 2 February at 10:17PM
    The clock starts with the 'cause of action' and there's caselaw to show that can predate the invoice, i.e. The first date an invoice could have been issued

    Swansea City Council v Glass
  • _Penny_Dreadful
    _Penny_Dreadful Posts: 1,057 Forumite
    First Post First Anniversary Photogenic Name Dropper
    tp555 said:
    An update - I have decided to go for the DMP thanks to all for your valuable information and help - yesterday out of the blue, I got an email requesting payment for £2400 bill dating from 2016 from a creditor for a business that I used to run but which was dissolved in 2019. It never rains but... Longshot because I know this is not a business site but any idea what to do about that considering my current circumstances? Thought it was as bad as it can get, but apparently not. Feeling very low and like a complete failure. 

    Business debtline provides debt advice to self-employed people in debt.  It's run by the Money Advice Trust which is a charity not one of those scum sucking leech companies that preys on vulnerable and desperate people.
  • sourcrates
    sourcrates Posts: 28,854 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Business debt or not, limitation period is just the same, and limitation act still applies, its still statute barred whatever you call it, or however you look at it.
    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-letter
  • tp555
    tp555 Posts: 26 Forumite
    First Post
    tp555 said:
    An update - I have decided to go for the DMP thanks to all for your valuable information and help - yesterday out of the blue, I got an email requesting payment for £2400 bill dating from 2016 from a creditor for a business that I used to run but which was dissolved in 2019. It never rains but... Longshot because I know this is not a business site but any idea what to do about that considering my current circumstances? Thought it was as bad as it can get, but apparently not. Feeling very low and like a complete failure. 

    Business debtline provides debt advice to self-employed people in debt.  It's run by the Money Advice Trust which is a charity not one of those scum sucking leech companies that preys on vulnerable and desperate people.
    Thank you I'll have a look
  • tp555
    tp555 Posts: 26 Forumite
    First Post
    Business debt or not, limitation period is just the same, and limitation act still applies, its still statute barred whatever you call it, or however you look at it.
    Thank you - Is there a chance they can argue that the company should not have been dissolved as they were an outstanding creditor at the time and so overrule the 6 years limitation act?
  • sourcrates
    sourcrates Posts: 28,854 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    tp555 said:
    Business debt or not, limitation period is just the same, and limitation act still applies, its still statute barred whatever you call it, or however you look at it.
    Thank you - Is there a chance they can argue that the company should not have been dissolved as they were an outstanding creditor at the time and so overrule the 6 years limitation act?
    The Limitation act is the law of the land, there is no argument, the company dissolving has no bearing whatsoever on the time they have to take legal action to recover the debt.

    https://www.legislation.gov.uk/ukpga/1980/58/section/5/data.pdf

    The only argument they could have would be what would constitute the cause of action date, but they are well out of time now, the law allows 6 years, 8 have now passed.
    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-letter
  • tp555
    tp555 Posts: 26 Forumite
    First Post
    tp555 said:
    Business debt or not, limitation period is just the same, and limitation act still applies, its still statute barred whatever you call it, or however you look at it.
    Thank you - Is there a chance they can argue that the company should not have been dissolved as they were an outstanding creditor at the time and so overrule the 6 years limitation act?
    The Limitation act is the law of the land, there is no argument, the company dissolving has no bearing whatsoever on the time they have to take legal action to recover the debt.

    https://www.legislation.gov.uk/ukpga/1980/58/section/5/data.pdf

    The only argument they could have would be what would constitute the cause of action date, but they are well out of time now, the law allows 6 years, 8 have now passed.
    That's great, thank you very much
  • tp555
    tp555 Posts: 26 Forumite
    First Post
    Would the advice be regarding the business debt to do nothing? thanks
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