Statute Barred question

[barloo69]

I also have a query relating to Statute Barred status, which I hope some kind person can steer me in the right direction.

 

When does a debt become SB. Is it from the date the creditor last recd payment of the debt or is it last time they recd communication from debtor.

 

Much Obliged

[obiter dictum]

It will go from when the last contractual payment was missed

 

If you contact the creditor and acknowledge the debt with a payment or ask for a repayment plan in writing it will go from then

[dx100uk]

tell us about the type of debt this question relates too please

certain things are diff between say a credit card and a overdraft.

 

 

dx

[Bazooka Boo]

And a bank account and mortgage...!

[barloo69]

Really? Wow. I was talking about Credit cards and loans really.

[SabreSheep]

Ooer

 

Mortgage is 12 years before SB

[Bazooka Boo]

Really? Wow. I was talking about Credit cards and loans really.

 

6 years, unless the loan is secured.......

[dx100uk]

normally the clock starts ticking 1 month after your last usage or payment.

or letter you have written to them

and sign concerning the account.

 

 

dx

[fletch70]

To confuse the issue, the actual date of SB will depend on the account type and the contract. It is acknowledged by debt charities many others that the best way to describe the date the clock starts is the date they can first demand full payment , the date of last payment or written acknowledgement whichever is the later

So if you are in a DMP it will be date of last payment

If you have a bank account , it gets really complicated

If its a credit card it is dependant on the contract, for example Cap 1 have a termination clause in their contracts that specify ( I think) they can recall the full amount 30 days after the date of the first missed payment