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Statute Barred Debt And Death.

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This doesn't affect me or anyone close to me personally,

as all statute barred debts have been formally declared statute barred.

 

 

However, I was just wondering what might happen to someone's estate,

if it was the case that that they had a lot of statute barred debt

and hadn't actually declared it as such?

 

 

Would it make any difference?

 

 

I do know that some companies tend to write off debt after a customer dies,

regardless of whether it is statute barred or not,

but there are no doubt always a few unscrupulous rogues about.

 

 

Could they potentially claim that deceased debtors were still intending to pay their debts at the time of death?

 

 

Furthermore, I get the impression that quite a few people don't bother going through the paperwork motions,

after a debt becomes statute barred, so maybe this is something that could be more actively encouraged?

 

 

Just some thoughts I had.


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No - it would make no difference. It is not necessary to make any formal declaration


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No - it would make no difference. It is not necessary to make any formal declaration

 

I am very glad to hear it.

 

 

Still, we found that we were much better off regardless,

as all of them that were still writing and phoning (bar one) did stop after the debts were formally declared statute barred.

 

 

They all wrote back, even the ones that had never ceased chasing,

and formally acknowledged that this was the case as well.

It was a much better feeling to have them all stop and put it all in writing,

so I would still recommend everyone go through the process.

 

One of the reasons I did wonder, and thus started this thread,

was because one of the DCA's involved (1st Credit) did seem to be very reluctant to put anything in writing.

 

 

We phoned them up 3 times to chase up the matter, after sending off the statute barred letter,

and they kept on giving us verbal assurances that they accepted everything we put to them.

 

 

However, despite repeatedly promising to write back, they only did so after some serious pestering on our part.

Therefore, I had a sneaky suspicion that they might possibly be plotting to come back post-death.

 

 

Perhaps they just couldn't be bothered to write back and nothing more sinister was involved?

Better to be safe than sorry though.

 

I did find it all a bit depressing thinking about debt and the death of loved ones,

but if in any doubt it is the right approach to take I feel.

Otherwise, other loved ones might be adversely affected.

 

 

We certainly weren't trying to guard any non-existent assets;

just protect the already remortgaged family home. :(

 

 

Anyhow, as the saying goes, if we take on the world, then death shall have no dominion! :)


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I imagine the reason they didnt want to put it in writing is because this would then pretty much prevent them from selling the debt on for someone else to have a stab at getting you to pay up !


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I imagine the reason they didnt want to put it in writing is because this would then pretty much prevent them from selling the debt on for someone else to have a stab at getting you to pay up!

 

Ah, I didn't think of that as a possibility. Would even the Bottom Feeders Union do such a thing to each other though? :)


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In addition to the usual bottom feeders, there are one or two DCAs that actively go after unpaid debts from the deceased. I seem to recall at least one thread on this forum in the past.

 

If the debts are not statute barred, there is the remote possibility that a DCA could file for bankruptcy against the estate. They would have five years from the date of death to do so, and unfortunately, if the beneficiaries had been paid, they would have to return the monies. That said, I am not aware of any such cases, and it would have to be a substantial sum involved to make it worthwhile to the DCA to pursue any such action. But if the estate was insolvent at the time of death, anyone attempting debt recovery would be wasting both time and money.


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Ah, I didn't think of that as a possibility. Would even the Bottom Feeders Union do such a thing to each other though? :)

 

Unfortunately, yes they would !


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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.

 

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Personal debt cannot normally be inherited provided the debt was incurred in the name of the deceased only, usually referred to as ‘sole name’. There are two exceptions, the first of which is if the debt was guaranteed by a third party in which case the third party would become liable. The second is if the deceased had gifted money not long before the death which could be interpreted as an attempt to avoid payment to creditors from the estate.

 

Where a debtor dies prior to the presentation of a bankruptcy petition, any order for the administration in bankruptcy of his/her insolvent estate is referred to as an insolvency administration order, and not a bankruptcy order.

 

Similarly, a person subject to such an order is known as a deceased debtor and not a bankrupt


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Don't forget there is a bunch of people (being polite here) called Phillips & Cohen who specialise in 'death debts'

 

http://www.credittoday.co.uk/article/18153/online-news/phillips-cohen-set-for-record-growth-as-10th-anniversary-approaches

 

Wonder how many poor people they have managed to fleece who did not know of their rights in this already difficult time they are having.

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