Please sign petition to review Statute Barred debt period from 6 - 3 years.

[Old Cogger]

http://epetitions.direct.gov.uk/petitions/41065

 

Well folks they have at last agreed to post petition after so many tries. Please Sign it affect all of you as well!!!!!!!!!!!!

[citizenB]

There was some discussion about this in 2009 . However, the CSA advised the government, that if they did reduce the SB period then their members would flood the courts with Claims !!

 

One debt buyer said cases would almost certainly be advanced and the MoJ runs the risk of creditors litigating on tens of thousands of cases overnight. He added that creditors and debt buyers would be forced to litigate against ‘gone aways’ using the last address – obtaining judgment by default. "We need to make sure we have enough transition time, otherwise we’ll have to sue 50,000 people the day they make the change."

 

 

 

 

CSA threaten to flood courts - stat barred limit changes.pdf

[Bandit127]

I would rather see the Scottish system of extinguishing the debt after 5 years.

 

An extinguished debt would leave no room for DCAs to exploit the vast amount of people that do not know what statute barred means in England and Wales and how to deal with it.

[Old Cogger]

wouldn!t we all!!

[MrHat]

I dont like the idea of reviewing the period. We all know that the banks have politions, lords etc in their pockets (e.g. Taking the bank' side in the bank charges test case).

 

If the period is reviewed, I would not be surprised if it was increased and then suddenly statute barred debts suddenly becomes unbarred, as ridiculous as that might seem.

 

At least we know where the goalposts are right now.

[Ell-enn]

I'd like to see the Credit Reference Agencies reports limited to the last 3 years. People could have gone through a tough period but got on their feet and kept a clean record for the last 3 years, but the 3 years before that are screwing up their chances of affordable finance for everyday things - leaving no choice but to turn to the sub prime lending market