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Accounts generally go into default once three missed payments are recorded on a credit file. If you request a copy of your credit file, you will notice a row of zeroes and ones running in a line next to the name of the creditor. Each zero means a successful monthly payment, while the ones mean a missed payment.

Needless to say, a string of ones is bad news for your credit rating and every effort should be made to make up the arrears. Fortunately, the lenders regularly update our credit files with details of payments, but it might still be an idea to get some type of acknowledgement from a lender once the arrears are made up and submit this to Experian and Equifax.

Bankruptcy UK offers a full bankruptcy administration service and will submit your bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129 or for an informal chat about your circumstances.

Statute Barred Debt is debt that might have become unenforceable if a creditor has not gone to court or contacted you within the time limit set out in the Limitations Act 1980 i.e. in England and Wales the time limit is six years. We need to point out, however, that while the time limit for unsecured debt is six years, it increases to 12 years for debt associated with mortgage shortfalls.

The key points for deciding whether or not unsecured debt is statute barred are:

  • You haven’t made a payment to the debt for more than six years
  • You haven’t had any contact from the creditor during this time
  • The creditor has not applied to a court for a CCJ
  • Even if you have had some contact but have not acknowledged the debt in writing, it is still statute barred
  • Please note, if the debt has been sold the clock does not reset to the date of the new acquisition, it remains the original date

However, don’t believe for a minute that this will stop debt collectors which have bought the debt from trying it on, knowing full well that few people know their rights. The best thing to do is to simply ignore the calls / letters. It is very risky challenging the debt collector in writing as you might be unwittingly acknowledging the debt. Although unlikely, if you were to receive CCJ documentation from Northampton County Court for a CCJ, it should be challenged immediately if it falls into the above criteria.

Bankruptcy UK offers a full bankruptcy administration service and will submit your bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129 or for an informal chat about your circumstances.

 

 

 

Bankruptcy UK-Debt Solution Bankruptcy Experts

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