Sainsury's DMP - Post 6 Years Default Question

[musicman18]

Hello!

I have been paying back a loan for almost 10 years now, and have very nearly paid back the original loan amount (excluding interest). Almost 6 years ago I defaulted (Aug 12'), and the 6 years is up in 4 months. My question relates to the requirement to repay the remaining balance after the 6 year default period has passed.

I contacted the bank to discuss the end of the default and asked about the need to continue paying or not. The advisor told me that I didn't have to continue to pay after August, he explained they would still chase me for the debt but there would be no further action taken. I was told 'if I was happy to ignore the odd letter and phone call it would be fine'. I know its Friday the 13th today so either this advise is teeing me up for future hardship or this conversation has broken the rules on such an unlucky day!! Hopefully the latter.... Any thoughts or actual experience of this scenario would be appreciated ;-)

[ostell]

If you have been paying something back on the loan during those 6 years then it cannot become statute barred and they can continue to chase you for the debt, including taking court action.

[warwick65]

As you have been paying it back then as said it is not statute barred. Sadly I have seen many people who think a debt is statute barred because it is more than 6 years since the default , and they get court claims.

What the advisor told you is very very wrong , not only does it constitute debt advice for which they need a licence , it is factually wrong.

How much is there left to pay on the debt?

Do Sainsbury still own it or have you been paying back to a debt collector or debt purchaser?