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Credit sourcebook

Credit sourcebook

If your financial obligation is banned under statute, this means that for legal reasons (the Limitation Act 1980), the lending company has come to an end of the time to utilize certain kinds of lendgreen loans locations action in an attempt to make you spend your debt. It will not suggest your debt no more exists. The actual quantity of time a creditor has is known as a ‘limitation period’.

Different debts have actually various limitation durations, and also this part of legislation could be complicated. If you believe you have actually a financial obligation that would be statute barred, call us for advice. See our Statute banned debts reality sheet to find out more.

The credit rating sourcebook (CONC) claims that the following practices are considered unjust or incorrect when coping with statute banned debts:

  • asking you to definitely spend even although you be aware absolutely absolutely absolutely nothing through the creditor through the limitation duration;
  • suggesting your creditor may simply just just take you to definitely court if they should be aware of that the limitation duration has come to an end; and
  • pressing you for payment when you have told the creditor that you will be maybe not likely to pay your debt as the limitation duration has go out.