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Response to statute barred, what does this mean exactly?

from I dont want to say (idontwanttosay@who.com)
If a claim is or has been proven to be Time Statute Barred it means that the lender is out of time to take legal action against you.

A claim will not appear as settled until paid in full or you have made a full and final settlement, however (in plain english) the adverse records are removed from the following systems / agencies after a number of years: -

House Repossession records are noted by CML members and some other lenders on a register for a period of 6 years

Defaults and county court judgements are removed after 6 years

CIFAS - who knows! - but when GENUINE fraud is being committed I firmly believe that CIFAS loggs should remain to protect innocent people from many a sleepless nights.

The rule of thumb with limitation is the following

Unsecured regulated credit agreements such as 'HP' - Overdrafts, Loans, Credit cards, Catalogues and Store cards - 6 years from latest cause of action (see past Q&As for an explanation)

Secured by property - Any mortgage or financial commitment secured against your house - 12 years from latest cause of action

Incidentally, in some cases a County Court judgement can still be legally enforced after the expiration of 6 years but the claimant needs a bloody damn good reason!

Hope this helps

(posted 7403 days ago)

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