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Bank Loans Debt Dating Back Around 13-14yrs

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Posted (edited)

Around 16yrs ago my partner took out a couple of loans to complete renovations on our property. Around 2 years later we both had to give up work due to our new born child having a serious illness. Without going into too much detail we lost our house that we'd literally put 30k savings into along with another 25k taken in loans to complete it. 


We had to give up work to care for our child which meant we couldn't pay most of our large debts. 2 loans for around 22k were outstanding and were eventually passed over to a collections agency whom agreed to accepts £1pm. These debts were passed to several others collection agencies every few years with them attempting to either agree a deal or get more funds. I think the latest company has been around 4 years with us still paying £1pm. 


Is there anything I can do to get this debt wiped? I appreciate I could contact them to make an offer as full and final settlement however I wasn't sure if there was something else that could be done due to the timeframe involved? 


Just for info. Neither of us are employed and still care for our child. I don't envisage this changing in the immediate future.  The default on the debt is around 13-14yrs & the loans were taken out around 16 yrs ago.

Edited by crabbitjambo
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  • crabbitjambo changed the title to Bank Loans Debt Dating Back Around 13-14yrs

I'm afraid that by paying 1 pound per month, you've been keeping the enforceability of the debt alive. Normally debts become unenforceable six years after the terms of the loan have been breached. Or with a mortgage its 12 years.

I expect that my site team colleague @dx100uk will be along at some point today and he will give you the very best advice to help you deal with your problem.

Meanwhile you ought to set out much more detail about the loans, creditors, amounts, dates et cetera.  complete a list


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