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When does a loan become stature barred


Consumer dude
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A friend of mine took out a loan in 2004. He believed he had paid it all about 2008/2009 and there was about a one year break after that where he had heard nothing adding to the belief that he had that the loan had been paid for. Fast forward to this year and the latest letter he has received is to inform him that as they are aware he is a home owner and the intention is therefore to place a charge on the poperty. With the information given, is this loan now stature barred and if so what act(s) should be quoted to get these people off his back. Many thanks..

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The last payment or acknowledgement of the debt has to be 6 yrs ago (5 in Scotland) before it is statue barred.

 

B

 

The last payment seems to have been April 2008. What has been requested is an itismised account of how they have come to there figures of interest which just shows the amount of interest but does not show how those figures hav been arrived at. Will need to undercover the original agreement..

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A very good idea - then you get to see if they really think they have a claim

 

if you are slick best to tell them it is statute barred then see what they say.

 

Then you can always put in a subject access request as in answering your letter - any doubts they have may be exposed by the sar when

you get disclosure. If you dont get disclosure you have them over a barrel for non-compliance

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