Lenders are getting wise very quickly to this 6 year rule, and are taking these cases to County Court much faster than they used to.

And make no mistake here, a County Court Judgement has no time limit, and even if you satisfy it, it still remains on your credit file for 6 years, making further borrowing very difficult.

eastleighjim:

Bradley you need to check your credit file.Not paying debts for 6 (six) years isn't enough for them to be statute barred, otherwise we would all avoid them for 6 years. It is if the banks don't make any effort to collect their debts in 6 years that they drop off. Your credit file may help you to see if they are still active debts. Banks can wait 5 years and 364 days and then write to you to re-start the 6 year rule and if you have moved away without telling them then the Courts will extend the 6 year rule indefinitely because you would be deemed to be avoiding your debts.

Not strictly true Jim:

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.

Bradley you need to check your credit file.Not paying debts for 6 (six) years isn't enough for them to be statute barred, otherwise we would all avoid them for 6 years. It is if the banks don't make any effort to collect their debts in 6 years that they drop off. Your credit file may help you to see if they are still active debts. Banks can wait 5 years and 364 days and then write to you to re-start the 6 year rule and if you have moved away without telling them then the Courts will extend the 6 year rule indefinitely because you would be deemed to be avoiding your debts.

Skywalker:'Probably' still on your soapbox.

Not probably - definitely, and will remain so until banks stop charging between 15-20 times the LIBOR for credit.

Skywalker: Your cry for the statutory time limit on debt to be reduced to 3 years is a clear demonstration that if you got the opportunity you would indeed walk away from your borrowings, making debt even more expensive for those who have a real need.

Oh absolutely. I figure I have more than paid back the loans and credit if you reduce the interest to a sensible rate!

Skywalker: I certainly don't need to walk anywhere in your shoes thank you. The direction one walks is far and away more important than the length of the journey.

I agree, but the direction is often dictated by outside influences rather than personal choice.

'Probably' still on your soapbox.

Your cry for the statutory time limit on debt to be reduced to 3 years is a clear demonstration that if you got the opportunity you would indeed walk away from your borrowings, making debt even more expensive for those who have a real need.

I certainly don't need to walk anywhere in your shoes thank you. The direction one walks is far and away more important than the length of the journey.

Skywalker:"I’m afraid this speaks volumes, not only about your financial status (having had no kids to provide for) but also your lack of knowledge regarding the mighty problems our young people face today."

So there we are then. Because I have not had children, I know nothing about the costs involved.

Probably

Skywalker: Ergo, I also have absolutely no knowledge about the problems young people face today.

Probably

Skywalker: Perhaps the quote about parentage dictating one's progress is demonstrated.

Not entirely sure what you mean here, but I have worked all my life since I was sixteen (which is over 45 years now), so my kids are not following my example.

But I would say to you "Before you criticise a man, walk a mile in his shoes".

"I’m afraid this speaks volumes, not only about your financial status (having had no kids to provide for) but also your lack of knowledge regarding the mighty problems our young people face today."

So there we are then. Because I have not had children, I know nothing about the costs involved.

Ergo, I also have absolutely no knowledge about the problems young people face today.

Perhaps the quote about parentage dictating one's progress is demonstrated.

Basa

The situation you describe is due to the following.

7 billion human population, still rising by thousands every day, against a background of diminishing natural resources.

This is why all the rainforests are disappearing, as they are being cleared of their timber and replaced by palm oil plantations.

This is why China has millions of workers in Africa involved in mining.

" " " " Brazil is now doing better financially, as they have a huge amount of natural resources.

" " " " Australia is still doing quite well, due to their trade in minerals.

I could go on with a long list.

This is why countries still invest a fair amount in looking beyond the planet. I believe in the US, a replacement to the Hubble telescope is being developed at a cost of $9 billion.

So kids looking into what will make them money, should start taking an interest more in sciences, rather than subjects where there may not be any jobs in the future.

Skywalker:Basa48, Your daughters have had many many years of tax-payer sponsored 'free' education. Student loans are simply a matter of fact, most people consider them to be an investment for the future. Personally I left school when I was 16, with no more qualifications than a 25 yard swimming certificate.

Well yes, we all had free education, but further, most people yours and my age got further education virtually free as well. The thing is that in our day it was a natural progression from school to apprenticeship (remember those) or College / Uni (all of which was virtually free) and you ended up with recognised training.

This is no longer available to many, many young people which is why unemployment amongst the young is so outrageous. It is virtually impossible to make a success nowadays without some formal qualification.

Skywalker:I am not a parent, but I could see a trap beginning to open up, because this young person only had a temporary job.

I’m afraid this speaks volumes, not only about your financial status (having had no kids to provide for) but also your lack of knowledge regarding the mighty problems our young people face today. I fear we are letting our young people down so very badly, condemning a generation (or two) to an aimless life on benefits. It’s not fair to them and is a national disgrace.

OK I’m stepping off my soapbox now and will back away from this thread.

Footnote: Seems even Michael Gove the Education Secretary agrees with me when he says:

England was a "profoundly unequal society" where "more than in almost any developed nation, parentage dictates your progress".

Pincer!

ouch! I never ever expected something for nothing!

Basa48,

Your daughters have had many many years of tax-payer sponsored 'free' education. Student loans are simply a matter of fact, most people consider them to be an investment for the future. Personally I left school when I was 16, with no more qualifications than a 25 yard swimming certificate. I certainly don't paint all debtors with the same brush! I just got particularly angry when I read the OP's post; a point I have already made.

Huckster is right of course, you post here in the public arena, and you take your chances along with me and everyone else!

Recently a young person was asking about car finance on a brand new vehicle. I made some valid points and the OP said that that was what his parents had also said! I am not a parent, but I could see a trap beginning to open up, because this young person only had a temporary job.

As for being 'out of touch' I think that is a great line, but sadly complete fiction. The reason I have done quite well is by being absolutely in touch, and using life experience to succeed. I don't fall for the victim mentality that drugs users, alcoholics and credit abusers adhere to, it's a self inflicted wound in my eyes.

Now all we have to do is educate people better, stay out of the Euro, get out of the EU, criminalise socialism and get people back into work. VOTE FOR ME!

Bradley 1982:Hi just to clarify i'm not a bad person because i took advantage of a bank offering me money on a plate. I took the money to help fund a life long ambition to become a professional sports person. I could only attract a certain amount of sponsorship and needed more money to help fund my ambition. What i see the problem to be is why are we not educated better on your credit file? Why do banks lend money to people with no proven work history other than professional sports person I could argue and say i have fallen into the same trap as most others, by taking a loan with the intention of paying it back but things didn't work out for me. I had no money and no means to repay the debt. I came on here to ask for some advice on best way forward maybe someone has experienced a similar situation

Hi Bradley

Welcome,

It takes all sorts on these forums and funny enough you can take something from all posters, its up to you to roll with it and perhaps use things to an advantage and experience.

Looking at the limited information in your original post it is difficult to realistically guide you on what route to take.

Links to National Debtline fact sheet on the limitation act & free debt advice agencies below that might help you on your way.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=25_liability_for_debts_and_the_limitation_act

http://www.cccs.co.uk/

http://mymoney.nedcab.org.uk/moneyadvice/

https://www.mymoneysteps.org/

Always best to get proper independent, impartial advice before you decide on anything

Best of luck

Pincer

Skywalker:Basa48, yes I am afraid I do take a hard line with irresponsible people who clearly live way above their means by over borrowing and frankly living in cloud cuckoo land. There is no 'right' to own a house by the way, it is a possibility that people may have to aspire to, but for many people renting is the only option - absolutely no shame in that, better to have a roof over your head than the alternative. I also find it strange that people in 'negative equity' seem to view that as a massive problem, it really doesn't matter because the value will eventually catch up, and surely that is better than throwing money at a landlord - a much maligned species, who provide a great public service. My view is that if you have to get a loan to 'keep your head above the water' you've probably gotten 'out of your depth' through not being realistic about your budget. I never took a loan in my life, except mortgages. I suppose my 'advantage' was being raised by War babies who were used to tough times. The OP stated quite clearly that there was no thought or even real intention to consider paying back the loans, taken during a period of 'naivety' (whatever that means - imagine using that as an excuse (loophole) for neglecting a child?) Quote: ".. i thought it would be smart to take out credit cards and loans and not pay them." That's not 'naive' that is blatant stupidity bordering on fraud. And I doubt the credit was used to pay rent and essential bills - I bet it went on high living! Why can't your daughters go into further education? I personally know many students here (in Thailand/Philippines) who manage to get into higher education, despite coming from the most deprived backgrounds - something you wouldn't be able to comprehend since I doubt you have ever seen REAL poverty, (I don't mean the living on benefits on a Council Estate type of 'poverty') And these people have no access to credit (except the worse kind of loan sharks) and they get by, by saving or doing without! Your concept of poverty is ridiculous, there is no real poverty in UK. Go visit South East Asia if you want to see what real poverty is. What do you think Pincer? Too rude? Too 'original' hehehe. I am blunt for sure. I have saved all my life and I have to accept rubbish interest rates because of the actions of others. I should be Prime Minister. :o)

Hi Skywalker

Vintage stuff as expected and you are entitled to your opinions most definititely.

Not too rude and certainly not too original, somewhat self centred, almost completely out of touch, very much judgemental and perhaps a little mischievous is closer to the mark I would say, but as always no offence meant by me as I actually enjoy reading your posts on occasions and characters make the world go round.

Should you be Prime Minister? - well, my answer to that is... "I am glad that the interest rates on your savings are rubbish as you should not base everything on money for nothing and material things:) :)

Nice to speak to again though, its been a while.

Pincer

Bradley 1982:Hi just to clarify i'm not a bad person because i took advantage of a bank offering me money on a plate. I took the money to help fund a life long ambition to become a professional sports person. I could only attract a certain amount of sponsorship and needed more money to help fund my ambition. What i see the problem to be is why are we not educated better on your credit file? Why do banks lend money to people with no proven work history other than professional sports person I could argue and say i have fallen into the same trap as most others, by taking a loan with the intention of paying it back but things didn't work out for me. I had no money and no means to repay the debt. I came on here to ask for some advice on best way forward maybe someone has experienced a similar situation

There is a specific debt forum over the Community Action Group, where you will find many people having debts problems and where you will receive many opinions about what you could do. If you speak to Citizens Advice or Nationaldebtline, they will give you advice.

Hi just to clarify i'm not a bad person because i took advantage of a bank offering me money on a plate. I took the money to help fund a life long ambition to become a professional sports person. I could only attract a certain amount of sponsorship and needed more money to help fund my ambition.

What i see the problem to be is why are we not educated better on your credit file?
Why do banks lend money to people with no proven work history other than professional sports person
I could argue and say i have fallen into the same trap as most others, by taking a loan with the intention of paying it back but things didn't work out for me. I had no money and no means to repay the debt.

I came on here to ask for some advice on best way forward maybe someone has experienced a similar situation

basa48:

Sorry Huckster, took my eye off the ball which was to advise the OP, but I do get annoyed when all debtors are assumed to be idiots or shysters.

The debt bar time limit reduced would be magic for me!

I don't get into that debate anymore ( right or wrong). I try not to judge, because I don't know of peoples circumstances. People are entitled to their opinions and if you post to an online forum, you have accept any responses you get. It is up to people whether they read it or just ignore and indeed whether the OP goes along with any advice. I take all online 'advice' as opinion only. If people want advice, particularly legal or debt related, then they should see someone qualified to advise them.

In the US, there is sometimes no stigma attached to debts, especially if it comes from someone taking a risk by starting a business. In the UK, we tend to have the same attitude towards all debt. If you look at some of the most successful entrepreneurs, many have had periods of having debts and some been made bankrupt, So not all debtors are irresponsible.