Question regarding debt older then 6 years

[Stressed150]

Hi guys I am new to this forum and after reading much of the useful information I was wondering if somneone could please clarify a query regarding statute barred debt.....

 

Basically I have unsecured loans and credit cards from around three years ago, I am making minimum monthly payments towards these, howeerv, if i continue to do so would my debt still be classified as statute barred once the 6 years is up, or is this only classifiable if you have completely ignored the debts for this time and not made any payments?

 

many thanks

[never-in-doubt]

Hi guys I am new to this forum and after reading much of the useful information I was wondering if somneone could please clarify a query regarding statute barred debt.....

 

Basically I have unsecured loans and credit cards from around three years ago, I am making minimum monthly payments towards these, howeerv, if i continue to do so would my debt still be classified as statute barred once the 6 years is up, or is this only classifiable if you have completely ignored the debts for this time and not made any payments?

 

many thanks

 

Nope statute barred is 6yrs from the date you last made a payment not the default date or any other date for that matter....

 

Yes, if you simply ignore the lender/dca and they don't get in touch for 6yrs then its also statute barred - in your case it would 6yrs from the month after you last paid so in essense May 2015 (sorry sounds awful eh?).....

 

The default will go 6yrs from the date it was registered regardless of whether you're still paying into anything.

[Pinky69]

Only debts that have not been acknowledged by the debtor or had any payment made towards them for 6 years become Statute Barred ( 5 years in Scotland).

[Huff&Puff]

It only becomes statute barred 6 years after the last payment, provided you haven't made any written acknowledgement of the debt in the intervening period. I've been doing a fair bit of reading about it, as I have a few going Statute Bared in a few weeks.

[never-in-doubt]

It only becomes statute barred 6 years after the last payment, provided you haven't made any written acknowledgement of the debt in the intervening period. I've been doing a fair bit of reading about it, as I have a few going Statute Bared in a few weeks.

 

Yes, the legal classification is 6 years from the date of first late payment which to you and I reads as the month you missed a payment. i.e. I pay 50 quid every month and stop in January 2002. I've hidden until January 2009; the debt is not statute barred. However in February it becomes statute because february was the month of the first missed payment. HTH

[Stressed150]

Thanks for the quick response guys....thought it was too good to be true.... and good luck huff n puff.......

[never-in-doubt]

Thanks for the quick response guys....thought it was too good to be true.... and good luck huff n puff.......

 

without meaning to sound thick, have you considered cessation of payments?

 

Are you likely to be making payments for ever or is there a clear way it will be gone in less than 6 years? what you have to remember is if you pay it, once it is paid off the info still remains on your credit file for 6yrs. Therefore in some cases it is better to 'hide' and wait 6yrs from tomorrow so to speak....

 

The above is not advice, just an opinion. Take as you wish from it....

[Stressed150]

without meaning to sound thick, have you considered cessation of payments?

 

Are you likely to be making payments for ever or is there a clear way it will be gone in less than 6 years? what you have to remember is if you pay it, once it is paid off the info still remains on your credit file for 6yrs. Therefore in some cases it is better to 'hide' and wait 6yrs from tomorrow so to speak....

 

The above is not advice, just an opinion. Take as you wish from it....

 

As tempting as that sounds, I live with my parents it would be waaay too much hassle for them, and I also own a property so if I was to go into hiding for 6 years then there is nothing stopping my creditors from getting a chargig order, which I have been threatened with already....