Bounce Back Loan

storeton

I have been in a Debt Recovery Plan for nearly 6 years and is run by a DRP debt relief company and they assess yearly my disposable income

The debts are mainly credit cards but also a Bounce Back Loan

When the 6 year rules kick in will the BBL and credit cards come under the Limitation Act 1980

I am 74 years old widowed living on state pension with no other income

I live as a tenant in sheltered housing and have no assets

sheenas

The Credit agency 6 year clock starts after the debts have been completely settled. I am not sure what your concern is?

RAS

Where do you live, as different countries have different rules about debt?

Are you paying a monthly fee for DRP's services? If so, why?

There are multiple free debt advisors. And most of them would advise that someone on a state pension should not be paying anything towards consumer credit debts.

Particularly with secure accommodation and no assets.

storeton

I want to think that the agency I pay 208 monthly which they deduct 50 for their services I won,t need to pay them anymore,it,s the BBL i,m most concearrned about

I was advised online to contact a finance difficulty firm

I live in England

Grumpy_chap

What was the BBL funding used for? There were some restrictions.

ManyWays

I suggest you talk to Business Debtline on 088 197 6026

It may well be that a Debt Relief Order is your best option.

if you are making payments to these debts, they will NEVER become statute barred

sourcrates

As manyways has said, for the limitation act to apply, there must be 6 consecutive years from the date of default, of no payment or written acknowledgement by the debtor.

Each payment you make re-sets the 6 year clock unfortunately.

I would suggest you dump this fee charging debt management company, as you don`t need any 3rd party help, pay your creditors yourself, and save the £50 a month your currently wasting in fees.

Gonk1967

How did you get a bounce back loan? they were only available to small and medium sized businesses. I got one in 2020 and just finished paying it off in October.

storeton

BBL was taken out by me to fund a car sale business

RAS

Not sure whether you or your creditors have been scammed, out of near enough £3.5k in fees? Charged to do something that any debt charity offers for free, or you could have done yourself for free.

The internet advice was shockingly bad.

That £3.5k could have made a huge dent in the BBL loan.

And the £14k+ probably paid unnecessarily to your other creditors would have cleared it long ago.

Given you were over pension age when this started, most creditors would probably have settled for a quarter of that.

https://forums.moneysavingexpert.com/discussion/comment/82192040#Comment_82192040

Please speak to Business Debt line and cancel any further payments to this company.