Overdfaft and credit card

[Yoda]

Hi,
I had a sole trader business account with HSBC which ceased trading in 2007. I left it with a £8K overdraft and £5K on a credit card. I have heard nothing at all since. Now I get letters from a DCA who has bought the debt and are chasing me for it.
My question is;
Although these were the final balances in 2007, the balances may have been much less in the previous years, so using the SOL act, can they only go back to the balance that was on them 6 years ago?

[Guest]

Re: Overdfaft and credit card

Hi,
I had a sole trader business account with HSBC which ceased trading in 2007. I left it with a £8K overdraft and £5K on a credit card. I have heard nothing at all since. Now I get letters from a DCA who has bought the debt and are chasing me for it.
My question is;
Although these were the final balances in 2007, the balances may have been much less in the previous years, so using the SOL act, can they only go back to the balance that was on them 6 years ago?

Hi

No the ballances due will be the final sums on the acoouts when the account entered default.

The SB period will commence from within the period between your last missed payment, (or the termination of the facilitey in the case of the overdraft)
and the delivery of a default notice/demand.

Peter

[Yoda]

Re: Overdfaft and credit card

SB period?
So as the company was closed in 2007, does the time start from then?

I don't know when a default was registered or if one was.

[charitynjw]

Re: Overdfaft and credit card

SB = Statute barred via the Limitation Act 1980 (or The Prescription and Limitation (Scotland) Act 1973,)

[Guest]

Re: Overdfaft and credit card

SB period?
So as the company was closed in 2007, does the time start from then?

I don't know when a default was registered or if one was.

Yes the period that must elapse before the account is statute barred.

This would run from the case of action, or when they would have been entitled to commence proceedings to recover the debt.

I would say that in the case of the credit card this would be around abou the time two payments were mised, and for the overdraft it would be when the overdraft was recalled..

Peter