Credit agreement
Found this out by chance from a mate in the pub. Checked with the CAB and its true! If you have a loan with a bank, ask for a copy of the signed agreement that you made when you took the loan, or credit card out. If they can't provide you with the signed copy, then they can't enforce any loan and they'll be laughed out of court. The banks can only act if you signed the damned thing.
(Wrecked Tums, Mon 14 Nov 2011, 11:44, 13 replies)

Umm.
Hence most *reputable* financial institutions won't give you money without all of your details, your signature and the fat content of your 1st born.
(Misery McUglywife an attention seeking sociopathic fuckstain., Mon 14 Nov 2011, 11:50, closed)

that's what I was thinking
I shouldn't imagine anyone would lend you any amount of money without you signing for it in blood these days.
(TheManWithThePlan cussed your mum on, Mon 14 Nov 2011, 12:39, closed)

I did this
when I cancelled my car insurance and then they stung me for £112 without warning. Because they couldn't supply the agreement, I got it back, plus the £35 bank charge they'd incurred by taking it out of my bank and also a £28 for my time and expense. Hurrah.

They repaid it by sending a cheque in an unbranded envelope with a handwritten address and nothing else in it, not even a compliment slip.
( sandettie light vessel automatic New Twitter - @bollocksreally, Mon 14 Nov 2011, 11:53, closed)

I'm glad it was a mate in the pub.
This sounds like a really good plan. I can't remember ever borrowing money and signing anything. I reckon I can probably cancel my mortgage.
(username failed moderation, Mon 14 Nov 2011, 12:30, closed)

It is true....but....
....it won't be laughed out of court. Not any more.
The law was amended after so many people did exactly as you suggested. It was amended such that if the bank/credit card co. can prove by other means - like a regular payment from you to that loan/card account or that you signed up on-line (without a physical signature) then they will win.
(dchurch bah, Mon 14 Nov 2011, 12:38, closed)

But what if they cannot prove the term of the repayment? You could argue that your last payment wad the final one and settled the debt. Without proof of payments made or still due, who wins?
(Beaverman Opulence, I has it., Mon 14 Nov 2011, 13:27, closed)

The bank
Don't fuck about with people who lend you money. It does not work well in the long run.
(Vigilante Man weeps because you're stupid., Mon 14 Nov 2011, 18:04, closed)

rbs had a wee fire in one of their document storage warehouses a while ago
So there are a fair few loans out yhete without signed documentation.

Also, if you have moved house and your creditors have not been able to maintain contact with you at al for a period of six years the debt becomes serviceable (at least that was the case when i still worked in debt recovery 6 years so)
(OTT, Mon 14 Nov 2011, 12:46, closed)

That sounds like a
pub table interpretation of the statute of limitations.

I bet it only applies if the creditor hasn't actually claimed the money, or notified that there's a dispute.

Having said that, I'm sure even the keenest colelctor would have to call it a day after 6 years.
(username failed moderation, Mon 14 Nov 2011, 13:03, closed)

statute
The current legal interpretation is based around the last acknowledgement of the debt. Loans are a tricky business because it's purely based around the date that the loan was defaulted and the agreement terminated. Additionally, any payment that you have made will be treated as an acknowlegement of the debt and the 6 years will begin from the date of that payment.

CCJ's are another odd nuance. It is more than possible for a creditor sit on a debt for five and a half years and then issue proceedings and obtain a CCJ. That judgment will be on the register of Judgments, Orders and Fines for a period of six years from the date it was entered, and because you have avoided your creditor, you have effectively left yourself in a position where your credit is completely fucked for a period of over a decade.

If you have debt, it's always best to take steps to clear it if you can.
( Muns, Mon 14 Nov 2011, 13:17, closed)

However
If they do take action at such a late stage, you could always offer a without predjudice offer to them of pennies on the pound. Odds are, they'll take it as it'll be easier (and cheaper) than enforcing a CCJ.
Also worth pointing out that many lenders don't bother too much about smaller (Roughly Sub £5k) loans for the same reasons. YMMV
( Alex Save a Tree, Eat a Beaver!, Mon 14 Nov 2011, 17:49, closed)

less pub table and more paralegal but yeah
It was just a quick post on my lunch break. i only saw it happen a couple of times in my five years in the industry. One guy called up the dept and got me. i was neck deep in IVAs when he smugly explained that his debt was unserviceable as there had been no contact for 6 years.. he even asked for written confirmation that no further collection activities would take place, gave me his address and hung up. a quick look at the account showed he had sucked up the dates. I ordered a full print out of the correspondence history to be sent out to him with a demand for the outstanding balance.

I was an ass hole back then. so was he though.
(OTT, Mon 14 Nov 2011, 18:14, closed)

Also worth noting....
Just because the debt is rendered unenforceable, doesn't necessarily mean that it doesn't remain due and owing. If you don't fancy a string of defaults ruining your credit score and leaving you with higher interest payments or being unable to obtain credit etc, then just pay what you agreed to. Remember, when you fail to pay something, it leaves not only you, but other people paying more to cover the loss you generated. No financial institution will ever merely write it off.
( Muns, Mon 14 Nov 2011, 13:11, closed)