Statute Barred on Overdrafts.

[charharp]

Hi,

I had an interest free overdraft in 2007 which I exceeded and then stopped using altogether. It was defaulted 13 months later. I am confused as to when this will be statute barred, will it be 6 years from last activity on the account by me (a payment out) or when they officially recalled the overdraft some months later?

[CleverClogs]

Re: Statute Barred on Overdrafts.

I had an interest free overdraft in 2007 which I exceeded and then stopped using altogether. It was defaulted 13 months later. I am confused as to when this will be statute barred, will it be 6 years from last activity on the account by me (a payment out) or when they officially recalled the overdraft some months later?

The latter, as the Limitation Period starts with the cause of action.

Have you ever paid anything towards that debt since, or acknowledged it in writing to any creditor?

Conversations over the electric telephone do not count.

[charharp]

Re: Statute Barred on Overdrafts.

But I went into an unplanned overdraft, they demanded I repay it. I didn't but entered into an arrangement to pay but never paid anything. Surely that would be cause of action.

[FlamingParrot]

Re: Statute Barred on Overdrafts.

Hi,

I had an interest free overdraft in 2007 which I exceeded and then stopped using altogether. It was defaulted 13 months later. I am confused as to when this will be statute barred, will it be 6 years from last activity on the account by me (a payment out) or when they officially recalled the overdraft some months later?

With overdrafts, it would be from when they officially recalled the overdraft, as that would constitute the cause of action in this case. The default date is not relevant.

[charharp]

Re: Statute Barred on Overdrafts.

I know the default date is irrelevant to SB I was just detailing the account. Does entering an unplanned overdraft, being demanded to repay it and then not change things? I've seen many people having SB accepted on overdrafts 6 years after non payment on other forums.

[wales01man]

Re: Statute Barred on Overdrafts.

If in doubt WAIT or face the obvious if its not SB

[charharp]

Re: Statute Barred on Overdrafts.

That's why I'm trying to find out for certain. I've messaged someone on here to post on this thread who deals with Lowells a lot and I'm hoping she can shed some light on the situation.

[Guest]

Re: Statute Barred on Overdrafts.

Yes FP is correct(as usual)

The COA would commence on the date of the recall of the OD. Unless of course there was an agreement which states otherwise. Repayments on the account before this make no diff.

[charharp]

Re: Statute Barred on Overdrafts.

Reading stuff online it's seems the cause of action is the moment a creditor can demand full repayment. I think once you go into an unplanned overdraft and don't pay it back when asked this is a missed payment and the bank is entitled to demand the whole account be paid back.

[jon1965]

Re: Statute Barred on Overdrafts.

Reading stuff online it's seems the cause of action is the moment a creditor can demand full repayment. I think once you go into an unplanned overdraft and don't pay it back when asked this is a missed payment and the bank is entitled to demand the whole account be paid back.

Yes which is what FP said, when they formally recall the OD

[charharp]

Re: Statute Barred on Overdrafts.

Yes which is what FP said, when they formally recall the OD

no he said it's from when they demand it back, I'm saying it's from when they first have the option to.

[jon1965]

Re: Statute Barred on Overdrafts.

FP is a very nice Lady so she might just slap you for that

[charharp]

Re: Statute Barred on Overdrafts.

Ah that's why andy58 was flirting with them

[CleverClogs]

Re: Statute Barred on Overdrafts.

FP is a very nice Lady so she might just slap you for that

But only if you ask her nicely. :grin:

[Inca]

Re: Statute Barred on Overdrafts.

That's why I'm trying to find out for certain. I've messaged someone on here to post on this thread who deals with Lowells a lot and I'm hoping she can shed some light on the situation.

Have you had a response??