Debt Acknowledgement Information?

[sdp02]

Hi everyone, This is my first time posting on this site & I am hoping someone can help me with a question regarding a debt I believe to be SB (5year in Scotland). To cut a long story short I have an outstanding loan with BOS from 2004 that has been purchased by 1st credit. After months of going back & forward I now have a copy of all my statements, credit agreement & various other documents relating to the loan.

The last time I acknowledged the debt was when I requested PPI to be returned (03/06/2008) this was a written request with my signature/date on it. I was successful in my claim & the payment was paid to the balance of my debt in in Sept 2008.

So my question when was the last time I acknowledged the debt? My written request for PPI or the date the bank paid the removed the insurance from the balance of my debt?

Any advice would be greatly appreciated.

[charitynjw]

Re: Debt Acknowledgement Information?

Hi sdp02, & welcome to Legal Beagles.

[charitynjw]

Re: Debt Acknowledgement Information?

http://www.legislation.gov.uk/ukpga/1973/52

Prescription and Limitation (Scotland) Act 1973

6 Extinction of obligations by prescriptive periods of five years.

(1)

If, after the appropriate date, an obligation to which this section applies has subsisted for a continuous period of five years—

(a)

without any relevant claim having been made in relation to the obligation, and

(b)

without the subsistence of the obligation having been relevantly acknowledged,
then as from the expiration of that period the obligation shall be extinguished:Provided that in its application to an obligation under a bill of exchange or a promissory note this subsection shall have effect as if paragraph (b) thereof were omitted.

(2)

Schedule 1 to this Act shall have effect for defining the obligations to which this section applies.

(3)

In subsection (1) above the reference to the appropriate date, in relation to an obligation of any kind specified in Schedule 2 to this Act is a reference to the date specified in that Schedule in relation to obligations of that kind, and in relation to an obligation of any other kind is a reference to the date when the obligation became enforceable.

(4)

In the computation of a prescriptive period in relation to any obligation for the purposes of this section—

(a)

any period during which by reason of—

(i)

fraud on the part of the debtor or any person acting on his behalf, or

(ii)

error induced by words or conduct of the debtor or any person acting on his behalf,
the creditor was induced to refrain from making a relevant claim in relation to the obligation, and

(b)

any period during which the original creditor (while he is the creditor) was under legal disability,
shall not be reckoned as, or as part of, the prescriptive period:Provided that any period such as is mentioned in paragraph (a) of this subsection shall not include any time occurring after the creditor could with reasonable diligence have discovered the fraud or error, as the case may be, referred to in that paragraph.

(5)

Any period such as is mentioned in paragraph (a) or (b) of subsection (4) of this section shall not be regarded as separating the time immediately before it from the time immediately after it.


10†Relevant acknowledgment for purposes of sections 6 and 7.

(1)

The subsistence of an obligation shall be regarded for the purposes of sections 6 [F137 and 8A] of this Act as having been relevantly acknowledged if, and only if, either of the following conditions is satisfied, namely—

(a)

that there has been such performance by or on behalf of the debtor towards implement of the obligation as clearly indicates that the obligation still subsists;

(b)

that there has been made by or on behalf of the debtor to the creditor or his agent an unequivocal written admission clearly acknowledging that the obligation still subsists.

(2)

Subject to subsection (3) below, where two or more persons are bound jointly by an obligation so that each is liable for the whole, and the subsistence of the obligation has been relevantly acknowledged by or on behalf of one of those persons then—

(a)

if the acknowledgment is made in the manner specified in paragraph (a) of the foregoing subsection it shall have effect for the purposes of the said sections 6 [F137 and 8A] as respects the liability of each of those persons, and

(b)

if it is made in the manner specified in paragraph (b) of that subsection it shall have effect for those purposes only as respects the liability of the person who makes it.

(3)

Where the subsistence of an obligation affecting a trust estate has been relevantly acknowledged by or on behalf of one of two or more co-trustees in the manner specified in paragraph (a) or (b) of subsection (1) of this section, the acknowledgment shall have effect for the purposes of the said sections 6 [F137 and 8A] as respects the liability of the trust estate and any liability of each of the trustees.

(4)

In this section references to performance in relation to an obligation include, where the nature of the obligation so requires, references to refraining from doing something and to permitting or suffering something to be done or maintained.

[charitynjw]

Re: Debt Acknowledgement Information?

http://www.scotlawcom.gov.uk/download_file/view/442/

This should download a report which, at it's start, gives a good explanation of the current Scottish Law.