Welcome finance statute barred?

[Petemcc]

Re: Welcome finance statute barred?

What sort of things should i write to dispute this?

[FlamingParrot]

Re: Welcome finance statute barred?

Im pretty sure it would be statute barred. There was no payments since 6 august 2007 and the loan was recorded as "settled" by welcome finance on my credit account.

I havent heard from anyone regarding it until last year in october and even Willen collections, i refused to accept the debt to them.

Surely this would mean the debt is statute barred? Or recorded as settled?

The debt was never recorded as default with welcome finance, nor did it appear on my credit file until February 24 this year!!

Sorry but this is all reasonably new to me and i must seem like a complete idiot

No, :nono: the real idiots are those who don't ask any questions, thinking they know eveything. :grin:

If you are in Scotland, then it would be SBd, not in England though. The prescription and Limitation Act has nothing to do with the CRAs, defaults are often recorded months after the last payment made. If you defaulted in 2007, the default on your credit files should drop off sometime this year.

What sort of things should i write to dispute this?

A letter to make them aware that you know it's SBd. In Scotland, the debt is actually extinguished after 5 years and they should no longer pursue you for it.

Dear Sirs,

Statute Barred Account No: XXXXXXXX

You have contacted me regarding the account with the above reference number, which you claim is owed by myself. I would point out that under The Prescription and Limitation (Scotland) Act 1973 Part 1 Section 6 states; I quote:

If, after the appropriate date, an obligation to which this section applies has subsisted for a continuous period of 5 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.

I would also point out that the OFT say under their Debt Collection Guidance on Statute Barred debt, that "it is unfair to pursue the debt if the debtor has heard nothing from the creditor during the relevant limitation period". The last acknowledgement of this alleged debt was made over five years ago. Unless you can provide evidence of payment or written acknowledgment from myself in the relevant period under Part 1 Section 6 of The Prescription and Limitation (Scotland) Act 1973 I would respectfully suggest that you are no longer able to take any action against myself to recover the alleged amount claimed.

I await your written confirmation that this matter is now closed and that no further contact will be made concerning the above account.

I look forward to your reply.

Yours faithfully,

[Petemcc]

Re: Welcome finance statute barred?

Ive posted the letter above, with my details added into it. I also singned it using a digital font and not my signature.

If the debt is statute barred (which by all im reading on here it is) will they have to remove it from my credit file? Its the only thing that appears and i have been looking at buying a plot of ground to build my own house. This would probably stop me from getting a self build mortgage :-(

[Scoobydo]

Re: Welcome finance statute barred?

I have a loan secured with deeds at the bank. There has been no contact between me and the bank for 6 years. If it continues like this for 12 years will the debt be statute barred.