Statute Barred on Overdrafts.

[charharp]

Re: Statute Barred on Overdrafts.

BMW v Hart...Yes contract breached by one missed payment but alls that was owed was arrears because no money way borrowed, the car was leased (rented). It was only when both parties cancelled the contract that all future monies was owed.

[charharp]

Re: Statute Barred on Overdrafts.

The case wasn't even brought until 6 years later and the judge said BMW had brought proceeding just in time before limitations barred it. If limitations doesnt start until the action is brought that how can you ever use SB as a defence in court.

[CleverClogs]

Re: Statute Barred on Overdrafts.

,,,,

[jon1965]

Re: Statute Barred on Overdrafts.

Hi,
. 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?

See you did say from last activity

We are getting mixed here. The argument with dodge was about SB in general not just overdrafts. He claims CC and loans are not barred until 6 years after the default date. The overdraft issue is more complicated.

Also I never saw the complete contract, I only saw quotations of the judges ruling on a legal firms website about limitations.

So how can you comment on the terms of the contract

For CC and loans there is not one shred of real or anecdotal evidence that suggests they are not SB 6 years after non payment. Overdrafts are more complicated but it's certainly not from the default date.

Some evidence
http://www.nationaldebtline.co.uk/en...limitation_act

Their main 'evidence' for their argument was BMW v Hart and this is why they are wrong.....

It was a HP contract, the debtor did not borrow any money. They were leasing a car which they owned upon the completion of 36 monthly payments plus a balloon payment at the end. Until the contract was terminated alls the debtor owed was arrears, the rest of the money did not become due until both parties cancelled the contract, at that point every future monthly payment and the balloon payment became due and the amount BMW recovered from sale of the car would be refunded to the customer. With overdrafts, CC and loans the customer has already had the money and the contract does not have to be terminated for it to be owed. It says in T&C's that one missed payment is breach of contract and full outstanding balance can be demanded. In the BMW case no money had been borrowed so none was owed except for the arrears until the contract was terminated. The contract worded it like that because if it was a typical agreement like a loan or CC BMW would have had to wait for each monthly payment was missed before they could demand it as no money was actually owed.

Of course on a credit card you may never have actual money in your hand either , the CC company pay for something and you pay them back

You've read it all wrong, I am completely open to overdrafts not being barred until 6 years after they were recalled,

See your first quote above

The bit where you say the bank has to tell you there has been a breach before COA is completely wrong, one of the cases those guys posted proved this when the judge ruled that limitations runs from when the breach occurs and not when the creditor takes action other wise the creditor could suspend limitations indefinitely which would be illegal. Judges words not mine.

Cause and Action are two completely different things

I read a lot where DCA's claim that limitations runs from default date and like their phantom payments and other lies it's just a ploy to get you to pay. The only outcomes I have seen in these cases is the DCA folding when sent SB letter.

Where?

Charharp
A link was even posted that said the COA for overdrafts was the point that it was recalled. From what I saw there were only 2 people that held your view and that was you and the Brig, everyone else thought you were mis informed although they may not have exactly agreed with Dodge.

The Link http://books.google.co.uk/books?id=w...%20QBD&f=false

Until the bank or the contract tells you that you have breached the agreement there can be no COA.

I didn't change my mind, this is what i originally said

No, as there may be no cause of action if the debtor takes the steps required to remedy the breach of contract.

The limitation period starts when the notice period in the DN has expired with no response by the debtor.

[charharp]

Re: Statute Barred on Overdrafts.

I said limitations is from last activity?

The post was specifically about overdrafts and I was asking a question if it is from last activity by me or when it was recalled. I did not state it was from last activity I was asking a question. This arises because I went into an unplanned overdraft and there fore COA may have been that point.

If you buy something on a credit card you have borrowed money, you have taken money form the credit card company. The customer did not take any money from BMW.

[CleverClogs]

Re: Statute Barred on Overdrafts.

If you buy something on a credit card you have borrowed money, you have taken money form the credit card company. The customer did not take any money from BMW.

No - he took the use of a Bayernische Mistenwagen motor-car, which is another valuable consideration.

[charharp]

Re: Statute Barred on Overdrafts.

No - he took the use of a Bayernische Mistenwagen motor-car, which is another valuable consideration.

But not money that's no money was owed until the contract was terminated. If you have £2,000 debt on a credit card you owe it before the contract is terminated.

The HP is worded like that other wise someone could decide 6 months into a 3 year HP that they don;t want the car anymore and just return it without paying any more monthly rentals. HP wouldn't work.

The fact that one judge ruled staute barred then another overruled him shows that these things are complicated and require deep interpretation.

[jon1965]

Re: Statute Barred on Overdrafts.

Have you heard the expression, say what you mean and mean what you say?

You are altering your words with almost every post and maybe it would be better for us all if the thread was closed

[jon1965]

Re: Statute Barred on Overdrafts.

Oh btw I know a couple of other websites you may like to try

One is called get out of debt free and is run by some real looney tunes , the other is called All about debt. There are a couple of guys over there who might be able to explain things better to you, one is gravytrain , the other Riz. (Although what Riz has ever done to me I don't know)

[Guest]

Re: Statute Barred on Overdrafts.

I said limitations is from last activity?

The post was specifically about overdrafts and I was asking a question if it is from last activity by me or when it was recalled. I did not state it was from last activity I was asking a question. This arises because I went into an unplanned overdraft and there fore COA may have been that point.

If you buy something on a credit card you have borrowed money, you have taken money form the credit card company. The customer did not take any money from BMW.

,,,,

[jon1965]

Re: Statute Barred on Overdrafts.

You are very welcome.

You, me, cloggy ,and for some colour a mad parrot how does that sound?

[jon1965]

Re: Statute Barred on Overdrafts.

,,,,

[Guest]

Re: Statute Barred on Overdrafts.

http://www.pinsentmasons.com/PDF/Limitation.pdf

Read that, limitations runs 6 years from date of breach.

There are all kinds of contracts, many will incur the right to recover damages as soon as they are breached, lots of case law to illustrate the difference between these and those under contractual provisions which don't, but then you don't like reading it, its just, what was it, "blah blah blah"

[Guest]

Re: Statute Barred on Overdrafts.

You are very welcome.

You, me, cloggy ,and for some colour a mad parrot how does that sound?

Oh and don't forget Dodge from OTW he is my favorite

[charharp]

Re: Statute Barred on Overdrafts.

You are altering your words with almost every post and maybe it would be better for us all if the thread was closed

How am I altering my words? The quote of me apps ranting staying limitations is from last activity is a question...read it. I have never stated limitations runs from last activity I proposed this as a theory for overdrafts only.

Is this a ace to receive advice or for people to have a talk like ladies whilst sticking together to the only point they understand.