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need information on statute barred debt

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  • #1

    need information on statute barred debt

    Hello i hope that everyone is ok and enjoying the gorgeous weather at the moment.

    my question is i have a debt that is over 6 years old and in that time i have never admitted liability for the debt or made any contact with them. they have never made contact with me or sent statements or taken me to court. the reason i am asking is because it is a secured debt against my property so does the statute barred apply to this i cant find any information online so i thought i would ask you very knowledgable folk.

    thanks
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    • 2 likes
  • #2
    Re: need information on statute barred debt

    I'm afraid that if the debt is secured against your property, then when you come to sell the property, your creditor will be paid then.
    A restriction should have been lodged with Land Registry against your property when the charge was granted. (You should check if the restriction is present)
    Upon sale, your solicitor will seek confirmation of any such charge and is duty bound to settle, otherwise your creditor could block the sale of the property.
    "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

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    • 3 likes

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    • #3
      Re: need information on statute barred debt

      am i not right in thinking that even if they have put a charge on my property they should still send me statements etc and correspondence? which they have not done.
      • 2 likes

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      • #4
        Re: need information on statute barred debt

        Originally posted by jules2008 View Post
        Hello i hope that everyone is ok and enjoying the gorgeous weather at the moment.

        my question is i have a debt that is over 6 years old and in that time i have never admitted liability for the debt or made any contact with them. they have never made contact with me or sent statements or taken me to court. the reason i am asking is because it is a secured debt against my property so does the statute barred apply to this i cant find any information online so i thought i would ask you very knowledgable folk.

        thanks
        Originally posted by jules2008 View Post
        am i not right in thinking that even if they have put a charge on my property they should still send me statements etc and correspondence? which they have not done.
        Was this a secured loan in the first place? Because that's what it sounded like from your first post, where you say they have never taken you to court.

        If it wasn't a secured loan to start with, the creditor would have had to take you to court and obtain judgment against you (a CCJ), then apply to the court for a Charging Order. Normally you'd get an interim CO recorded first along with an application for a full CO, which has to be obtained through the court and recorded with the Land Registry. A creditor can't just put a charge on your property for an unsecured debt without going to court.

        As Cel says above, the once a charge is recorded, it will remain in place until it's settled, either by payment or by selling the property, they are not subject to the Statute of Limitations. However, if the debt was in a sole name and the property in joint names, they can only record a restriction rather than a full charge. See this: Charging order: the myth

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        • #5
          Re: need information on statute barred debt

          In addition there is a statute barr on the enforcement of loans secured on property, in that no action can be taken after 12 years for the recovery of the principle due under any attached loan, also no action can be taken to foreclose and recover the security.

          The cause of action date would be that which the principle was due for payment( termination of contract usually).

          As said, this does not mean that the mortgagor does not retain rights over the charge should the security be liquidated.
          • 1 thank

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          • #6
            Re: need information on statute barred debt

            the loan is a secured loan on my property which i took out 6 years and 5 months a go. they have not contacted me in this time for recovery of the loan or taken me to court so does that mean they have no claim on my property at present but from what andy58 says they have another 6 years to do so. is this correct. there is no point in my selling the property at the current time as i am in negative equity so would be pointless.

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            • #7
              Re: need information on statute barred debt

              Section 20 statute of limitations 1980
              • 1 thank

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              • #8
                Re: need information on statute barred debt

                thank you Andy so i have a while to go yet before i am in the clear but i wont be selling my house within the next 6 years anyway so we will see what happens. one last question what about if the company is insolvent and has gone bankrupt where would i stand then would the debt still be pursued?

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                • #9
                  Re: need information on statute barred debt

                  Their insolvency should not prejudice you, you would have the same protection irrespective of their financial position. If the receivers wanted to liquidate the assets of the dissolved company they would have to jump through the same hoops as the original creditor. IMO
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