Statute barring???

[Morgana2904]

Hi all

I’m new to the forum but have been reading quite a few of the posts and some mention statute barring! I'm unsure of what this is or means but have kind of surmised that it would suggest any debt that has not been active or had any updated information on and is more than 5 years old should automatically be wiped from you're credit file, I'm I correct in this or have I totally missed the point??

 

I would really appreciate advice on this one as I have old debt relating to a loan which I apparently took out from RBS way back in February 2004. When I have checked my credit file with Equifax the last information updated on the account was one week after the loan was taken out.

 

If I am able to request that this old debt be removed could you advise please on how I go about doing this??

 

Any help on this would be greatly appreciated.

Many thanks in advance

[dx100uk]

it might well be statute barred in scotland

but cra works to 6 yrs of data

 

just means no-one can chase you now unless they have a ccj

 

nothing you can do

 

dx

[Morgana2904]

Many thanks for your reply dx100uk it's good to know.

[maroondevo52]

Hi,

 

Law relating to debts: statute-barred debts

 

If a lender allows time to pass without receiving any payment an action for recovery may become barred.

 

Under the Limitations Act 1980 the time limits are

 

* in simple contracts (credit cards, loans, etc.), 6 years

* in contracts under seal (mortgages), 12 years.

 

If the debtor acknowledges the debt in writing or makes a part payment within the original limitation period, then the time limits start to run again from the date of acknowledgement or the date of payment.

 

Even though the lender may be barred from pursuing recovery, a debtor may decide to pay the debt after the expiry of the time limits. Because of this you should allow a debt which is otherwise statute-barred if the personal representatives pay the debt and you receive evidence that the payment has been made.

 

The above instructions do not apply to debts in Scotland. Under Scottish law, if a lender allows time to pass without receiving any payment an action for recovery may become barred under the Prescription and Limitation (Scotland) Act 1973. (For details of this Act see Gloag and Henderson 10th edition at Chapter 15.). These debts are completely extinguished and cannot be enforced. Once the prescriptive period expires the debt cannot be allowed as a deduction.

 

To sum up, basically once a debt becomes statute barred it is up to the debtor whether or not they wish to pay the debt. A debt can not become unstatute barred.

 

 

Regards.

 

Scott.

[Morgana2904]

Hi Scott

 

Can't thank you enough for the information supplied

 

Morgan

[maroondevo52]

Hi, Morgan.

 

No problem let us know how it goes.

 

Regards.

 

Scott.