How to find default date

[belcam]

I have been on just about every forum on debt but still cannot get a definitive answer on how to find when a debt was defaulted or how to find out for sure that a debt is statute barred. Anybody?

[Curlyben]

Re: How to find default date

The date of default should be recorded by the credit reference agencies, although this does change when DCA's get their hands in the pot.

If the debt in question no longer appears on the CRA records then it's a safe bet that it's SB'd..

[charitynjw]

Re: How to find default date

The SB bit

http://www.hmrc.gov.uk/manuals/IHTmanual/IHTM28384.htm

IHTM28384 - Law relating to debts: statute-barred debts

If a lender allows time to pass without receiving any payment an action for recovery may become barred.
Under the Limitations Act 1980 the time limits are

• in simple contracts, 6 years
• in contracts under seal, 12 years.

If the debtor acknowledges the debt in writing or makes a part payment within the original limitation period, then the time limits start to run again from the date of acknowledgement or the date of payment.
Even though the lender may be barred from pursuing recovery, a debtor may decide to pay the debt after the expiry of the time limits. Because of this you should allow a debt which is otherwise statute-barred if the personal representatives pay the debt and you receive evidence that the payment has been made.
These instructions do not apply to debts in Scotland. Under Scottish law, if a lender allows time to pass without receiving any payment an action for recovery may become barred under the Prescription and Limitation (Scotland) Act 1973. (For details of this Act see Gloag and Henderson 12th edition at Chapter4.). These debts are completely extinguished and cannot be enforced. Once the prescriptive period expires the debt cannot be allowed as a deduction.

[belcam]

Re: How to find default date

Taking this into account, I have another debt for which Wescot have been chasing me me which shows on a 2009 credit report as defaulted in 2005. They called me recently and I agreed (in a moment of madness or pressure) to pay £20 per month. They were back on yesterday but I wouldn't say anything on the phone. I'm in Scotland, have had no contact from them in the last 5 years, been at a few addresses in that time so even though I agreed verbally to make payments on the phone, does the fact that I have had no contact in 5 years make it statute barred and the debt extinguished under Scottish law?

[charitynjw]

Re: How to find default date

Scotland has The Prescription and Limitation (Scotland) Act 1973,

http://www.debtwatchdog.com/time-bar...ticle-216.html

http://www.legislation.gov.uk/ukpga/...e-prescription

[labman]

Re: How to find default date

Forgive me asking the obvious, but if they phoned you and you agreed to £20 per month, how can you claim there's been no contact. That phone call may (or may not) be recorded.

[charitynjw]

Re: How to find default date

Forgive me asking the obvious, but if they phoned you and you agreed to £20 per month, how can you claim there's been no contact. That phone call may (or may not) be recorded.

According to one of the above links

• There are no outstanding decrees against you, AND
• No payments have been made towards the debt for the last 5 years, AND
• No written communications with the creditors have taken place acknowledging the debt.

[charitynjw]

Re: How to find default date

http://www.legislation.gov.uk/ukpga/...e-prescription

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 [F97 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.

[Guest]

Re: How to find default date

Hi

Yes an acknowledgenemt has to be documented in order to reset the SB clock.

Peter

[labman]

Re: How to find default date

I hope and believe you are correct. It would nevertheless be very interesting to see how a court would react if a telephone recording admitting the debt and offering repayment for it was supplied and admitted as evidence.

We all know cases where wording has been over-ruled by interpretation, for right or wrong.

As I say, I believe in this case you are absolutely right, but I'd be interested to see it tested in court with a different OP.

[Guest]

Re: How to find default date

I hope and believe you are correct. It would nevertheless be very interesting to see how a court would react if a telephone recording admitting the debt and offering repayment for it was supplied and admitted as evidence.

We all know cases where wording has been over-ruled by interpretation, for right or wrong.

As I say, I believe in this case you are absolutely right, but I'd be interested to see it tested in court with a different OP.

I think that because the legislation is so specific, a defendant could effectively object to any oral evidence being heard.

Peter

[labman]

Re: How to find default date

Like this was?

61.(1) A regulated agreement is not properly executed unless;

• a document in the prescribed form itself containing all the prescribed terms and conforming to regulations under section 60(1) is signed in the prescribed manner both by the debtor or hirer and by or on behalf of the creditor or owner, and
• the document embodies all the terms of the agreement, other than implied terms, and
• the document is, when presented or sent to the debtor or hirer for signature, in such a state that all its terms are readily legible.

Or this?


s.18 Consumer Credit Act 1974(1) This section applies to an agreement (a “multiple agreement”) if its terms are such as

(a) to place a part of it within one category of agreement mentioned in this Act, and another part of it within a different category of agreement so mentioned, or within a category of agreement not so mentioned, or

(b) to place it, or a part of it, within two or more categories of agreement so mentioned.

(2) Where a part of an agreement falls within subsection (1), that part shall be treated for the purposes of this Act as a separate agreement.

(3) Where an agreement falls within subsection (1)(b), it shall be treated as an agreement in each of the categories in question, and this Act shall apply to it accordingly.



This (and other bits) all seemed clear, but has become somewhat less clear due to interpretation, as you are more than aware.

Don't want to argue as I'll lose! lol Just trying to make the point that things do change due to interpretation.

At what stage does the electronically recorded word, in this modern age, become acceptable as being equivalent to the written word if it shows clear acknowledgement of a debt? :beagle:

[Guest]

Re: How to find default date

Hi Yes but it is difficult to re interprate

"Unequivical written admission"

peter

[belcam]

Re: How to find default date

Forgive me asking the obvious, but if they phoned you and you agreed to £20 per month, how can you claim there's been no contact. That phone call may (or may not) be recorded.

What I meant was in the previous 5 years until I got a call from them last month, I had not heard from them.

[belcam]

Re: How to find default date

I have had a letter from Wescot and then a further one from Nelson Guest Solicitors. Do I ignore until they come calling again or should I send for a copy of the agreement?