Bank sold my loan

J

jamesds

Registered User
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hi I had a loan with acc , they sold out , I havnt had a phone call from them in years , just one annual statement , I've paid nothing for six yrs , it was a business loan but secured against a bit of land , where do I stand on this , does the six yr rule kick in .
 
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Does my debt just disappear after 6 years, if the bank does nothing or can't fit find

Does the 6 year rule also apply to secured debt? I had an idea that it was 12 years, but I might well be wrong.

If you are going to take steps, make sure to pay for legal advice.

Brendan
 
Collection of this loan may be statute barred. Suggest not contacting ACC or it's agents, Capita, for fear of inadvertantly acknowledging the debt, and resetting the six year statute of limitations clock. Do get legal advice, and have a solicitor briefed and ready to file a statute of limitations defence should Capita go legal. Also, because there is land involved the statute of limitations might be 12 years, so you do need a solicitor with experience in this area to help you work out your position.

Another question, as this was a business loan, was the loan made to the OP in a personal capacity or to a "Ltd" company that the OP has a connection with?
 
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