question category: Credit Rating

hi i had a loan in 2002/3 which i never payed defaulted in 2004. ive had no contact at all
Submitted on: 3rd Sep 2009 by Non-Member | Total Answers: 1

with either the creditors or the d.c.a the sum is just over 10k and i borrowed around 5k ...work and money has always been very tight and having problems in life made me forget about it all till i checked my credit report and saw the default.. they have not ordered any court poceedings.its like they have forgotten..
i have heard of these companies that can write of the loan can these people help??? also
ive read about the statute barred and that would come in to play next year..is this worth holding out for or shall i get in touch with the d.c.a which i beleive will reset the clock on statute barred and explain i own nothing at all for them to take but some one is willing to borrow me 3 to 4 thousand pound for me to nagotiate with .. please help as i really dont want this over my head much longer.. the debt is with lowell and powell recently featured on watchdog who baught it from h.s.b.c

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Re: hi i had a loan in 2002/3 which i never payed defaulted ...

You seem to have summed the situation up pretty well. A normal unsecured creditor has 6 years to collect a debt from the debt of the last activity on the account; a payment or a default notice for example. If there has been a court judgment a debt does not become statute barred.

http://www.littlehampton-cab.org.uk/limitation.html

I don't think there is any point in using a debt cancellation service at this stage - although you could speak to one and see what they can offer.

If you are not contacted by the creditor after the 6 year rule, the debt becomes unenforceable in court. They can still chase you for the money and attempt to get payments out of you although many people including the Office of Fair Trading believe this to be unfair if you have heard nothing.

If it turns out you need to make an arrangement to pay your debts you can use the Citizens Advice Bureau or another charity such as Debt Advice Foundation.

Submitted on: 4th Sep 2009 by Darren Member

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