Hi

Newbie here and I am hoping you guys can point me in the right direction.

I've been lurking on here for a few days trying to find out various tips and information regarding my problem. I got into trouble after loosing my job in 2009. I had a lot of debt and couldn't make payments anymore. Entered into an iva in late 2010, made about 5 payments and then lost my new job and had to cancel the iva.

I just cancelled my direct debit to the iva and never got in contact with them again. They eventually officially cancelled my iva in spring 2013 and started to get letters from various dcas regarding my individual debts that were in my iva. I paid a couple of credit cards off via dcas with a reduced f and f and got that in writing. But there is one particular debt that hasnt raised its head much.

It was for a loan originally with Northern rock which I'm pretty sure was taken out pre 2007. Now I heard nothing about this until about spring 2017. I received a letter from a dca (can't remember who) so I stupidly phoned them up. I said I don't recall this debt so I need some sort of proof of claim.

They then left me alone until Cabot sent me a letter in summer 2017. Letter and phone calls ignored, it then went quiet until last weekend when it's being passed to ruthbridge. I presume, because I've not made a payment since originally defaulting, the statute barred clock would start from when my IVA officially finished??

I've only 2 or 3 months to go before it's 6 years from that date so do I just ignore for now?

Thanks in advance guys.

ruthbridge are just another trading name for cabot group.

sb date will be from your last payment through the IVA, regardless to the fact it wasn't officially failed until 2013

so well statute barred.

you can either totally ignore them or send our SB letter.

have you moved since your last payment?

sb date will be a month after your last payment due so mid 2011 at the latest.

What was the debt for? just an ordinary loan or a mortgage? if the former it is dead and buried

I would suspect its like the numerous other threads here whereby cabot and others are chasing nrock/nram loans

its the unsecured loan part of a mortgage deal..to make up to 100% or even 110% ...no deposit mortgages they did.

Yes I've moved house but I was living with my brother so I can easily pick up any mail from there.

It was an unsecured loan.

Your now telling me the sb date runs from the last payment?

Not when the iva officially failed??

Everyone else in a similar situation has said the clock starts again from when the iva failed.

Hope you're right guys.

Can anyone confirm this 100%???

I've moved house but never paid anything on this debt since the iva failed in spring 2013.

I thought that when an iva fails the insolvency practiononer had to inform my creditors therefore acknowledging the debt on my behalf?

So logic would suggest that the clock started again when that contact was made??

I cant find and never have ….any case whereby any letter was ever used in court by a claimant as the sole reason to counter an SB date defence.

You mean every other case has been marked from the last payment? Not written acknowledgement?

Does anyone know if trying to claim ppi and getting knocked back effects the statute of limitations?

I tried with northern Rock last year through a third party but they got nowhere.

again post 6 applies

" Your now telling me the sb date runs from the last payment?

Not when the iva officially failed?? Everyone else in a similar situation has said the clock starts again from when the iva failed."

And they would be correct...you are basically making a payment through the IVA to the creditor...so it would run from the last payment made by the IVA.

Andy

Thanks for that. I really appreciate everyone's feedback and advice. But I've read other people's comments who claim that it's actually from the date the iva failed. They also sound very confident and convincing.. They are claiming this on the basis that the creditors would have to be informed that the iva failed....

For the sake of a couple of months I don't think it's worth sending an sb letter just yet. I think I'm going to try to ignore them as long as possible and then try various delay tactics if needed. i.e. CCA them.

Unless there's anything else you guys suggest otherwise?

Thanks again guys.

As the IVA failed, your insolvency practitioner would have written to all of your creditors and informed then that the debt which you owe is no longer being paid through the IVA as it is being terminated. This is the date at which the last acknowledgement of the debt is made so statute barring starts from when the IVA was terminated and not the date of the last payment.

This is why I'm erring on the side of caution. It seems like I'm getting conflicting advice. I will wait until after the 6 years are up from the iva fail date, (which is only in May.)before thinking about sending an sb letter. I will CCA them nearer the time if getting bombarded with threats.

Thanks, Will.

An IVA is legally binding so while you are in an IVA, your creditors can take no further legal action against you. Missing a couple of payments does not terminate the IVA so your creditors have no cause of action, you and your creditors are still bound by the IVA. The notice of termination informs you and your creditors that the IVA is no longer legally binding on the debts you have included in the IVA so the date of the termination gives creditors cause of action to take further legal action against you.

It would be unfair on creditors if the cause of action started when you failed to make a payment in to the IVA as they are unable to take any legal action against you at that point. Statue barring starts from the cause of action which is when the IVA is terminated. Up until the date of termination, the IVA is in place in which you admit liability for the debts. Until that agreement is terminated, your acknowledgement of liability does not end.

Thanks Will. That makes it much clearer. I had a strong suspicion this was the case anyway. I just needed confirmation.

Can I ask if you know how the limitation clock is affected by claiming ppi.

Does it only restart the clock on a successful claim where the redress goes straight to the dca or original creditor?

Or is it even if you get paid out and receive the money in your name.

I presume a ppi claim that gets knocked back does not reset the clock? Others have already said it doesn't but I'd like your veiw if possible Will.

Thanks.

It is the PPI claim itself which is an admission of liability so any claim for a debt which is not statute barred will restart the limitation period regardless of which party receives the payout.

Where a PPI claim was rejected, it would depend at which stage that happened and the reasons why. A PPI claim directly to a creditor acknowledging the debt is technically an admission of liability but unlikely to be presented as evidence in my view. Whereas the creditor may not even be aware of a PPI claim if it was rejected by a claims management company. There are a lot of variables without further information.

sorry but that's not correct on either count.

nowhere is there any evidence of anyone ever being taken to court because an IVA failure letter reset SB

nor

that a PPI reclaim reset the SB.

dx

Received another letter this morning from ruthbridge. Offering me 70% off for a final settlement. If they don't receive any response they may be forced to pass the account back to Cabot. I'm thinking they must realise this debt is either unenforceable or they doubt they would be able to collect on this account?

Thoughts anyone?

90% next

That'll be the ppi and all the unlawful penalty charges

Which of course if you were to successfully reclaim would need to be removed from the supposed balance probably leaving nothing left to owe

It's usual practice offering a discount to encourage a payment. If it is almost six years since the date on the certificate of termination you can chance it and use delaying tactics or ignore them. They can either make a claim against you or not. It doesn't seem as if they have long left to do that which is probably the reason for all of the recent contact.