Like many others we fell into the welcome trap back in 2005!
We took a secured loan for £10,000 and increased it a few months later.
We dutifully made payments we couldn’t afford for some time and think we received a PPI refund off the balance around 2009. By this point we had stopped paying them we just couldn’t afford it.
Just over 2 years ago Coast started writing to us. I spoke to them initially and said we were going through a bereavement as my father in law had just passed away and they said ok we will put account on hold
they actually called me at the funeral when I told them not to contact us until after that date due to everything going on!!! They did send us a £50 apology and letter.
We get 2 letters each every month telling us the same thing each time and I am wondering what will happen next.
Does the 12 year statute bar rule apply to these accounts?
Are they likely to take us to court?
I read the letters and check nothing new is added and then bin them but it’s at the stage I think I need to address them as if necessary could find a way to pay them.
The sum they are chasing us for is just over £2900 which I suspect is mainly charges etc