What is statute barred?

[Adecco]

I owe the bank money - I have no assets other than a lump of debt.

Does stature barred only apply if the bank don't act at all? (i.e. if they fail to make a judgement against me?
Or if they do a judgement does that mean the 6 year statute barred thing doesn't apply at all anymore?

 

[Gerry Canning]

In simple terms , if you ain,t paid anything in 6 years and no legal action taken , Mr Bank can go whistle !
If they have a judgment I think? its 12 years but no doubt a poster will enlighten me.

 

[Sue Ellen]

This explanation taken from here (end of page) may help explain it further:

Time limits/Statute of Limitations
There are time limits (limitation periods) for taking most types of court action. These time limits are set either in the Statute of Limitations 1957, as amended, or in specific legislation dealing with the court issue involved.

The law in relation to time limits is complex but, in general, the time limit for taking actions for breach of contract (for example, failure to pay for goods or services provided), for debt judgments and for non-payment of charges such as rent is 6 years. This means that if your creditor does not start the court action within 6 years of the debt being due, the action is statute-barred. Effectively, that means that you cannot be forced to pay the debt.

If your creditor gets a judgment, then, in general, they have 12 years in which to enforce that judgment.

The general rules do not apply to taxes. There is a 4-year time limit on the Revenue Commissioners seeking tax from you and there is a 4-year time limit on you seeking repayment of taxes that you were not due to pay. However, if there is any fraud or neglect, there is no time limit.