# Statute of Limitations on Personal Loan?



## Glory (28 Feb 2007)

*Statute of Limitiation on Personal Loan?*

Hi All,

Just came across this site and am looking for some advise.

going back 7.5 years ago I took out a personal loan from a bank and agreed to pay interest only for a time.  My financial circumstances worsened and I stopped my payment.  I haven't paid a cent off the loan and did not get any contact from the back until recently.  Over 6 years! So my question is... Is there a limitation on time for the bank to collect this loan?? I've looked at the statuebook online but can't find anything and really don't understand the jargon used on it tbh.

I've been getting letters from the back recently which are telling me my account is overdrawn which can't be the case and I think they are chancing their arm!! 

WOuld appreciate some advise on this please.,

thank you.

glory


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## ClubMan (28 Feb 2007)

*Re: Statute of Limitiation on Personal Loan?*

I don't think that there is any statute of limitation on such debts and believe that they remain outstanding until sorted out.

Do statute of limitations only apply to criminal matters and this would be a civil matter?


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## ClubMan (28 Feb 2007)

Please note the posting guidelines:



Duplicate threads merged.


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## Glory (28 Feb 2007)

*Re: Statute of Limitiation on Personal Loan?*

As far as I'm aware from reading the statue book it also applies to civil matters...

Is there anything you think I can do with regards to interest accrued over the years as no effort of contact was made from the bank to me?


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## ClubMan (28 Feb 2007)

You could negotiate with the bank to see if they will mitigate accrued interest charges and/or settle for a lesser amount that is due. Ultimately, as far as I know, the debt is still your responsibility to sort out.


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## bond-007 (1 Mar 2007)

*Re: Statute of Limitiation on Personal Loan?*



Glory said:


> As far as I'm aware from reading the statue book it also applies to civil matters...
> 
> Is there anything you think I can do with regards to interest accrued over the years as no effort of contact was made from the bank to me?


Statute of limitations for a debt is 6 years, provided there has been no contact for 6 years you are in the clear and the bank cannot collect.


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## claudius64 (25 May 2009)

*Re: Statute of Limitiation on Personal Loan?*



bond-007 said:


> Statute of limitations for a debt is 6 years, provided there has been no contact for 6 years you are in the clear and the bank cannot collect.


Hi, can you tell where I can get more info about this as a bank recently contacted me about an 8 year old debt.


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## bond-007 (25 May 2009)

Had there been no contact for 8 years?

How was you contacted?


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## Sconhome (25 May 2009)

I dont know about the statute of limitations and how it applies to borrowings however my view would be - that even if the bank dont contact you the recording of the issuance of the loan will remain on your Irish Credit Bureau report. 

While the bank may not twig that you owe them money, if you go for a loan mortgage, finance a car or anything that requires your ICB record to be accessed you load balance & period of arrears is shown on the report.

You may have applied for an overdraft or loan from the bank which may have led someone to realise the loan was not being addressed & brought it to light again.


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## claudius64 (25 May 2009)

bond-007 said:


> Had there been no contact for 8 years?
> 
> How was you contacted?


I have had no contact from them for 8 years, even though I opened a new account with them in 2006.
I recieved a letter from a collection agent.


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## claudius64 (25 May 2009)

Sconhome said:


> I dont know about the statute of limitations and how it applies to borrowings however my view would be - that even if the bank dont contact you the recording of the issuance of the loan will remain on your Irish Credit Bureau report.
> 
> While the bank may not twig that you owe them money, if you go for a loan mortgage, finance a car or anything that requires your ICB record to be accessed you load balance & period of arrears is shown on the report.
> 
> You may have applied for an overdraft or loan from the bank which may have led someone to realise the loan was not being addressed & brought it to light again.


Nope, i opened a new account with them in 2006, I have a credit card with another bank, and I obtained a mortgage from a main mortgage lender last june all without issue.


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## bond-007 (25 May 2009)

claudius64 said:


> I have had no contact from them for 8 years, even though I opened a new account with them in 2006.
> I received a letter from a collection agent.


I take it you have not responded to this letter in any way? PM me if you wish.


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## claudius64 (25 May 2009)

bond-007 said:


> I take it you have not responded to this letter in any way?


Thats right, the letter only arrived today, it was redirected from my old address which I left last july.
I just want to be sure about thhe 6 year rule. Are you sure about it? where can I get more info on that?


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## bond-007 (25 May 2009)

PM sent.


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