Question regarding Statue Barred

If you have been overpaying on a unsecured loan and then stop paying, but because you have been overpaying you have built up a reserve balance of money which then continues to service the accounts minimum payments for the next 6 months.

When is the statue barred date?

e.g. Physically stopped paying money into the account August, but the minimum repayments were being serviced by the overpayments balance till March the following year.

Also can someone confirm (as I have seen conflicting information on various websites) is it SB from the last payment or the default date?

I have always believed it was from when the last time payment was made on the account, granted the default date will generally be well after the last payment (provided you not reset the clock by paying again) so if you get past this date you know your 100% in the clear.

The SB will run from whenever you failed to make at least the minimum payment due under the terms/conditions of the account. That is when you breached the contract terms.

The overpayment causing a positive balance just paid the minimum balance over a number of months allowing you to keep to the terms/conditions of the account. The fact you had not physically made a transaction is not relevant. Only the date you breached contract by failing to pay the minimum payment is relevant.

The SB will run from whenever you failed to make at least the minimum payment due under the terms/conditions of the account. That is when you breached the contract terms.

 

The overpayment causing a positive balance just paid the minimum balance over a number of months allowing you to keep to the terms/conditions of the account. The fact you had not physically made a transaction is not relevant. Only the date you breached contract by failing to pay the minimum payment is relevant.

Understood - Thanks for the clarification