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, 1 reply)

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)