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Debts getting cleared?
tomfishertom
Posts: 1 Newbie
Hi, I've had a debt with the bank for approaching 5 years now. its for about £3000 and they haven't pursued me about it really since i ran it up. Now all of a sudden there's letters coming through left right and centre. Is it because after 5 years debts like this are automatically cancelled or something? That would be very handy!!
Thanks
Thanks
0
Comments
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If they haven't made any attempt to chase the debts for 6 years then it is statute barred. Because they have made contact before that deadline, you are out of luck.poppy100
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What counts here is whether you have acknowledged the debt. Contact relates to the Council of Mortgage Lenders agreement.
However, what is this debt? The Limitations Act 1980 says that they have six years to commence court action from the time the cause of action accrued.
If this is an overdraft which has never been called in then the clock has not started ticking yet!0
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