capquest chasing 18 year old debt

Nasqueron

CTF said:

But do they have any right to this if I once owed the money and never reconciled/paid back the debt?

That's why I feel they sound confident and I don't feel confident.

If the debt is statute barred, they cannot take any action if you tell them to jog on - no court, no marking credit file etc, but they can send letters implying there may be an issue if you don't pay and hope people will.

If you bought £100k of debt for £500 and send out 100 letters to people who all owed £1k and you got 5 of them to pay you make a profit. They rely on ignorance of the law

CTF

Thank you for your clear advice. That is so helpful.

ManyWays

Nasqueron said:

CTF said:

But do they have any right to this if I once owed the money and never reconciled/paid back the debt?

That's why I feel they sound confident and I don't feel confident.

If the debt is statute barred, they cannot take any action if you tell them to jog on - no court, no marking credit file etc, but they can send letters implying there may be an issue if you don't pay and hope people will.

The regulator is clear that if you tell a creditor that a debt is statute barred and you will not be paying it, unless the creditor can show the debt is not statute barred they have to to stop asking you to pay itand contact should cease. You will not continue to get begging/ mildly threatening letters after this.

(From the FCA's handbook: "CONC 7.15.8 (R) A firm must not continue to demand payment from a customer after the customer has stated that he will not be paying the debt because it is statute barred.")

Nasqueron

ManyWays said:

Nasqueron said:

CTF said:

But do they have any right to this if I once owed the money and never reconciled/paid back the debt?

That's why I feel they sound confident and I don't feel confident.

If the debt is statute barred, they cannot take any action if you tell them to jog on - no court, no marking credit file etc, but they can send letters implying there may be an issue if you don't pay and hope people will.

The regulator is clear that if you tell a creditor that a debt is statute barred and you will not be paying it, unless the creditor can show the debt is not statute barred they have to to stop asking you to pay itand contact should cease. You will not continue to get begging/ mildly threatening letters after this.

(From the FCA's handbook: "CONC 7.15.8 (R) A firm must not continue to demand payment from a customer after the customer has stated that he will not be paying the debt because it is statute barred.")

Yes but I was explaining why the OP got letters about a debt from 18 years ago which is statute barred but the new debt buyer may well have not been sent this letter

sourcrates

Section 5, limitation act, 1980.

Lenders have 6 years in which to recover defaulted debts, after that time the debt becomes statute barred, but the law is lacking in that you must tell them its statute barred, as if you do nothing, they can go through the legal process and obtain a CCJ against you because you didn`t respond.

So send the SB letter, yes.