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

Re: Debt Collection

He waits until they issue court papers. Do not contact them in the mean time.
 
Re: Debt Collection

eeyore2502 said:
Thanks for your help, will pass the info on to him tomorrow.
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Don't forget that you may not in fact be helping him. If he gets out of this, and it is a relatively small amount, he may continue to live in a world where he thinks debts can be ignored and not repaid.
 
Re: Debt Collection

Very good point never thought of it that way! Hopefully he will grow up soon and act his age!!
 
Re: Debt Collection

My understanding is that the Staute of Limitations can only be invoked six years from the end of the relationship, ie when the loan is cleared in full. There is still a contract and legal relationship in place here even if there is as little as 1 Euro outstanding.
 
Re: Debt Collection

Wrong. You are very wrong.

It is six years from the last contact/acknowledgement of the debt.

If the loan is cleared why would they be suing him? Think about it.
 
Re: Debt Collection

Hi Bond

Well I could think of many reasons why a bank would sue after the loan is cleared, there could be a subsequent discovery, such as fraudulent cheque lodged to loan account or false representation on original loan document. The statute could also work both ways, ie, a client may want to sue the bank for overcharging after they have cleared the loan.

I do stand corrected on the statute of limitations, but isn't this an incredibly tempting opportunity for anyone in negative equity to the tune of 100k to disappear until 2015?
 
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