Cause of action/statute barred

[Desperate Daniella]

Thank you.

[charharp]

Yes

 

What would not be equitable would be if the creditor did not get his six years to sue.

 

If the period ran from missed payment and there was no contractual term or the statute prevented him from taking an immediate action, he would loose that entitlement.

 

They get 6 years from the point of first missed payment as set out in the contract drew up by them. Both O2 and Capital One state this it's probably standard across all creditors. No offence dodge and sequencing but now I get why the Brig stormed out of this thread, he must have known how futile trying to get you to understand is.

[Mike_hawk]

They get 6 years from the point of first missed payment as set out in the contract drew up by them. Both O2 and Capital One state this it's probably standard across all creditors. No offence dodge and sequencing but now I get why the Brig stormed out of this thread, he must have known how futile trying to get you to understand is.

 

 

 

Assuming it is an express term within the contract/agreement.............. you answered your own questions in respect of cause

 

 

Struggling to understand what you want from this thread?

[Desperate Daniella]

But I think you may have an argument if they take more than a couple of months to default.

 

Fletch, what would you think would be a fair amount of time after the first missing payment before they issued a default?

Edited December 6, 2013 by Desperate Daniella

[fletch70]

Just to add I have had constant arguments with him and another member on straightforward matters of law and common sense such as selling a debt on means its UE or a failure to comply with a S78(1) request means nothing. He forever alludes to some sort of insider knowledge but can never explain what.

[Mike_hawk]

It's quite clear from a number of threads on the forum that some people have been successful in getting a debt statute barred six years after they missed their first payment.

 

 

Hi DD

 

 

I believe [in the matter of assigned debts] the assignee will not have a scooby what has gone before..........hence the successes that will persist long into the future. If s5 seems a reasonable argument I'd go with it unless the other side can prove [a negative] otherwise

[charharp]

I've come to my view on this independent of Brig, I dont think it's right because he says so. I think anyway would be best off not contacting a DCA at all anyway and only claiming statute barred as a defence should they issue court proceedings. Just allow to account to drop off your file and don't open the can of worms unless you desperately need access to credit for whatever reason.

[Desperate Daniella]

Thank you Mike

[Mike_hawk]

I've come to my view on this independent of Brig, I dont think it's right because he says so. I think anyway would be best off not contacting a DCA at all anyway and only claiming statute barred as a defence should they issue court proceedings. Just allow to account to drop off your file and don't open the can of worms unless you desperately need access to credit for whatever reason.

 

 

Seems sensible to me, its a site full of opinions...... I wouldn't say mine [opinion] is correct and I wouldn't suggest anyone else's is incorrect. The courts apply logic on a case by case basis, many assume that case law and stat instruments will apply but unless argued forcibly dj's are merely seeking an equitable and 'fair' remedy at first instance.

[charharp]

Worst case scenario is default has a few months to run and you stir up a hornets nest by contacting them and you end up with a CCJ which carries on your misery for years.

 

That's why I'm having this argument,

 

I want to try for early default removal but I'm not going to unless I'm 100 % sure it's barred

or it's not worth the risk just to have access to mainstream credit a few months earlier.

 

The worst part for me is it causes a lot of anxiety for me to know I do t have the freedom most people have when it comes to credit.

[Mike_hawk]

Worst case scenario is default has a few months to run and you stir up a hornets nest by contacting them and you end up with a CCJ which carries on your misery for years. That's why I'm having this argument, I want to try for early default removal but I'm not going to unless I'm 100 % sure it's barred or it's not worth the risk just to have access to mainstream credit a few months earlier. The worst part for me is it causes a lot of anxiety for me to know I do t have the freedom most people have when it comes to credit.

 

 

Perhaps look for alternatives to credit......... there's an age old saying 'neither a borrower nor a lender be' which seems to have much substance.

 

 

Is there anything you 'need' over the next few months or is it just the thought of not having the things you want? If its the latter I'd wait and if its not a necessity I'd wait even longer until the urge to borrow subsides.

[charharp]

It just little things like knowing if my phones brakes I can't get one free on contract, or if my car needs work I can't borrow the money to do it or buy another car. It's the stress of knowing if these things happen they are 10 times worse for me than someone with good credit. Only 8 months left now though so I'm feeling better as it draws nearer.

[Mike_hawk]

It just little things like knowing if my phones brakes I can't get one free on contract, or if my car needs work I can't borrow the money to do it or buy another car. It's the stress of knowing if these things happen they are 10 times worse for me than someone with good credit. Only 8 months left now though so I'm feeling better as it draws nearer.

 

 

Believe me, you are not alone and 8 months will fly by. Try to focus on the positives............. you have a phone [many don't], you have a car [many can't afford to the petrol to run one let alone the car itself]. Why stress over events that may never happen?

[charharp]

It's not something I consciously do it's like because many brain knows if it happens it's going to be very bad it increases my anxiety levels.

 

I can't wait to tell those DCA's to go do one

[Mike_hawk]

We're going off piste a bit now but unless it has taken assignment and can offer a remedy its probably best not to engage with any DCA

unless you're in the process of suing it.

 

I only engage when I have cause to file and feel that digital recordings might assist my case......

 

..... tend not to tell it to go away if I need the transcript in witness evidence

[citizenB]

Have you looked at credit unions in your area ? They like you to save with them for a little while, even a small amount will do. Then you can borrow from them at low interest rates. But any savings will get a decent return.

[Peterbard]

You beat me to it CB

[Mike_hawk]

Charharp

 

 

Following Cb's post the link below may assist in your research

 

 

http://www.findyourcreditunion.co.uk/home

[Peterbard]

There is a sticky on here somewhere about CU's

[charharp]

I've thought about them but it just seems like begging. It's clear you have credit problems if you use them, I'm sure they are a vital service for a lot of people but I don't want to go there. I don't actually want a loan, I just wan't 3 or 4 thousand pounds available to me on overdraft or credit cards so if something was to happen to my car for example I can go buy one without a problem. Even before my debt problems I was never one for borrowing money, I just want the option to borrow. I'm sure most people who don;t have access to credit understand the anxiety that comes knowing you can't operate like a normal person when it comes to money. At one point I was hoarding it, going without things I needed just to save. It was just anxiety.

[Peterbard]

You could not be more wrong. Credit Unions are a social cooperative run by its members, no one is "begging "from anyone else, because everyone in the CU is the same.

 

The largest CUs in this country are operated by the police and fire service, MPs have a credit union, there is also a large one that the medical profession use.

 

I advise you to have a look at the article on here for more information I will ask CB to link you to it

[Desperate Daniella]

I know exactly how you feel. If anything breaks down I can't replace it and my house needs so much maintenance which just isn't getting done.

 

I never had problems like this until five years ago after I got totally screwed by a "friend" in a business partnership, combined with my first business being really hit by the credit crunch and it's a total nightmare. It's also very difficult if you have absolutely no money in your purse and you have a small child because then you can't really go out at all, not even to a cheap option like the swings or the park because how can you say you don't even have £1 for an ice cream? It really has been that bad sometimes and it's a totally miserable place to be.

 

Like you, charharp, I just want the option to borrow if I have an emergency and I want to feel like a normal person too.

 

DD

[citizenB]

Here is the CAG newsletter article on Credit unions.

 

 

 

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[fletch70]

DD sorry to be a bit late.

 

My thougts are that on a credit card once a payment is missed normal time for a default would be 3 months ish , ICO guidance says 3-6 months. If you have entered a DMP then I would suggest a default should be immediate.

On a current account I guess it depends how often payments are normally paid in. Again I would say 3 months ish

 

Just personal opinions and not how it happens in the real world sadly

[Peterbard]

As an additional point regarding the cause of action on defaulted loans. If the loan has been placed on a payment plan usually the debtor will receive notices of arrears and eventually a default notice, usually accompanied by a letter saying that as long as they continue payment no further action will be taken.

 

Again usually the agreement is terminated at this point, and particularly if they have ceased to add interest. They may even sell it on to a DCA.

After this notice the SB period would run from the last payment on the account, as each payment would be an acknowledgment

Edited December 7, 2013 by Dodgeball
english please