Debt

[etrobbie]

I had bank loan credit card debts last payment March 2009 had numerous letters over the years latest threatening court action can anyone please advise

[Retrochic]

no factor, not a general principle but a fact.

A debt will be "Statute Barred" if there has been no acknowledgement of the debt by you making a payment or in writing within the relevant limitation period.

The debt would then be legally UNENFORCEABLE.

If you are in England/Wales then the limitation period is 6 years and you should read:

Link: Factsheet | Liability for Debts and the Limitation Act (England/Wales)

I'm not enticing or condoning anyone not to pay their debts but advising the OP on the Law as it stands , regardless of the morality of it.

[Retrochic]

factor -my business is retail so I don't have that problem. I don't do 'tick' lol!

[factor-fiction]

Yes, if you are prepared to take the risk that they might step up their action before the period is up. I know some people relish living on the edge though.

[chrissa1]

I am rather confused as to your comments Retrochick.

"The thing you did wrong was pay off some of the debt in the first place, thus confirming the debt."

We held the credit card for 5 years and endeavoured to pay it off even though our business was in difficulties. When the credit card company sold the debt to the other company, they knew full well that the debt was ours, hence them issuing a claim for Statutory Bankruptcy being made against us/my late husband.

If we had ignored that letter he would have been made bankrupt by default, by not turning up at the court.

As the judge said at the time, "it's a wholly unsatisfactory way of pursuing a debt." It is purely a scare tactic but one that if not tackled, head on can have awful ramifications.

I stand by what I said in the first place. Don't ignore it.

[boxtops]

Bazile - the TV licence thread was from someone else.