What is the oldest debt that can collected if any rules? Buchanan Clark & Wells.

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eeyore2502

Registered User
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118
Does anyone know what the oldest debt allowed to be collected if there is rules?

My brother took out a loan 8.5 years ago and never finished it with GE Capital, theres something like 3k left on it. He totally forgot about it, how I don't know!! but did. Anyway he has since got other loans bought a house and got his ICB report as requested by his mortgage advisor and nothing showed as outstanding and he never got any letters of any sort either from GE or any dept collection agency.

The other day when he came home from work there was a letter from a dept collection agency looking for full payment otherwise he will be taken to court! can this happen just like that?? Is there not a time frame that companies write off bad debts??

Thanks
 
Re: Debt Collection

Believe me I know but he is saying that there is a time frame and after that they can not collect that they are just trying to frighten the money out of him treatening court!
 
Re: Debt Collection

I know that!!! but I am interested to know if what he is saying is right is there some written rule about this?
 
Re: Debt Collection

Did you read the other thread I linked to? If you did, you would have seen the link provided by MoneyHoney...
 
Re: Debt Collection

Statute of Limitations is six years for a personal loan - once there has been no communication. Have a chat with your solicitor - over a pint if possible.
 
Re: Debt Collection

Morally he may owe the money, legally they can do nothing as the statute of limitations does not allow the debt to be collection if they has been no communication for 6 years or more.
 
Re: Debt Collection

OP he took out the loan 8.5 years ago but got the debt down to 3K so he must have been making some payments originally. Has he had any contact or paid any money in the last 6 years? Now that he has a house (an asset) I recommend he pay it before it costs a lot more. As far as you saying he 'forgot' about it someone with the wherewithall to purchase a house is capable of managing their financial affairs surely.
 
Re: Debt Collection

He had been paying it but then split with his girlfriend and couldn't afford it so the car went to the finance company not sure on whos request his or theirs so thats why there is very little left compared to the original loan of 18k or more as it was a brand new car and this all happened within 1 year of the car being bought. From what I know he has not been contacted since the car went to them, or so he is saying!

As for capable of buying a house capable of sorting his finanaces - yeah you would think so, I am his younger sister by 8 years and my life is a lot more organised then I think his ever will be!
 
Re: Debt Collection

And you sound like you are more worried for him than he is. :( But I understand :) Personally I wouldn't rely on him for the information as it really is too vague. I doubt there has been no correspondance in the last 6 years. I guess you could pick up the phone and talk to someone in GE capital and you might find out the truth.
 
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Yeah thats me, I worry about everything even if it has no affect on me!

He doesn't like talking about it but I do kind of believe that there has not been any letters in quite some time as I was with him when he opened the letter the other day and really seemed surprised and didn't know what it was about till he rang Buchanan Clark and wells to find out as the reference name is aktiv or something like that not GE Capital! He has asked them to send him out the details.

What should they send him out at this point?
 
Re: Debt Collection

I very much doubt it than any institution would just not write to 'remind' a person to pay. Maybe he missed the letters, or simply tossed them. I honestly think he will have to repay the loan.
 
Re: Debt Collection

eeyore2502 said:
Meant to say GE Capital won't speak to me I did try!
Click to expand...

It is against the Consumer data protection act for them to discuss debts with anyone else bar the debtor unless he has given them written permission.
For example would you like it if I rang up you bank asking about your debts/acs- over the phone you could be anyone.

Any institution will generally work with someone who is genuine and wants to clear their debts- it is in both their interests. I have no sympathy for people who just default on debts and never return calls/correspondence with regard to clearing debts.
 
Re: Debt Collection

He sent the car back in late 2000 or very early 2001. He is totally dening that they made any contact with him, and he thought because no contact was made that they must have got enough for the car to pay off the debt.
 
Re: Debt Collection

Sorry probably a stupid question but how does he do this, does he just ring them or put something in writing?
 
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