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When is a debt statute barred?


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6 years from the cause of action.

 

There is a whole discussion thread on this subject here on CAG.

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I am out and about at the mo.

 

Use the site search facility and you can probably find it....it is a very long thread.

 

If not I'll have a look when I get in.

 

It is not the date of the default notice.

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http://www.consumeractiongroup.co.uk/forum/showthread.php?413904-Statute-Barred-discussion-thread&highlight=statute+barred+discussion

 

Here is one of them.

 

Whilst it depends on the type of credit and the wording of the agreement it has been pretty much agreed that it is from the cause of action.. eg.. when it comes to the point when a creditor CAN take action to recover the debt.

 

For example.. a credit card

 

Is paid monthly - you miss a payment the creditor COULD start to take action after that payment is missed. So, he would have to issue a Default Notice - which allows for 14 clear days allowing for posting, for the breach to be remedied. The Default notice makes it quite clear what action CAN be taken if the breach is not remedied within the statutory period.

 

They can terminate the account

They can assign/sell it on

They can issue a claim for recovery.

They can report to credit reference agencies (this is ambiguous as they are already reporting to them.. but heyho)

They can place a Default marker on your credit files.

 

DCAs will try to claim that SB runs from the time they place that Default Marker on your credit files this is not accurate, especially as some of them take up to 6 months or more to do that.

 

So.. is the cause of action - the first missed payment or the non remedy of the breach. To be on the safe side, IMHO, you need to take the first missed payment - add on at least 2 months for them to issue the DN, breach not remedied, termination etc.. Then start counting your 6 years (or 5 in Scotland) Just because the creditor does NOT do this, doesn't mean they are unable to.

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Right, I've had a good read through (although it was quite confusing at parts)

 

My situation is that I have credit cards, on which I made the last payment 6 years and 1 month ago, so am I right in believing that in another month's time, these debts will become statute barred?

 

Does it matter that I have in the last 6 years, sent numerous 'bemused' letters to the original lender and various DCA's?

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maybe, what was the nature of the payment? eg was the last payment the contractual payment, the next month being a missed payment, what do the terms say re missed payments?

 

imo, a s87 dn re cred cards is just a procedural formality. the dn relies on the breach contained in it, which is usually the missed payment(s), so, the cause accrues from the breach complained of, which then gives rise to the dn. if the breach is not satisfied as per the dn, then it (the breach) subsists as the cause.

but, of course, as citb says, the longer can leave it, the better. and, as mentioned, what if a cred issues a dn some for eg 2+ yrs later (presuming no payments since the missed payment breach), wld that later dn start the limitation? unlikely.

 

(overdrafts/loans/hp finance are usually different, and are usually re the expiry of the notice calling in the full amount, if prior to end of term for eg re a loan, or calling in an o/d. but depends on each individual circumstances)

 

what was the nature of the written comms to them?

IMO

:-):rant:

 

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Thank you!

 

The first letters I sent to them were stating that I was in financial difficulty and asking if they would freeze all interest and charges. So the last payment I made was August 2008

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So your first "missed" payment was September 2008 - I would say that you are looking at December 2008 to start the SB clock

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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