statute barred

[Spent2much]

After 6 years of debts becoming statute barred is it safe to buy a house cash or would there still be a risk of having charges on the house ?

[Riz]

Re: statute barred

A charging order would require the creditor to obtain a CCJ first. If the debt is definitely statute barred, then by definition they are barred from obtaining a CCJ (unless you fail to defend a claim).

So in theory you should be safe from a 'charge'.

[CleverClogs (RIP)]

Re: statute barred

After 6 years of debts becoming statute barred is it safe to buy a house cash or would there still be a risk of having charges on the house ?

The question seems not to make complete sense, perhaps because most of the facts had been omitted.

First of all, the limitation period of six years suggests that this is concerned with English Law rather than Scots Law.

How long ago did the alleged debt(s) become statute barred?

How long ago - if ever - were they last acknowledged in writing and how long ago - if ever - was a payment last made by the debtor or by someone acting on behalf of the alleged debtor?

Was the matter ever taken to court and was a charging order obtained?

[PriorityOne]

Re: statute barred

After 6 years of debts becoming statute barred is it safe to buy a house cash or would there still be a risk of having charges on the house ?

Personally, I wouldn't worry about it. My house has been mortgage-free for a number of years following two family bereavements and subsequent inheritances that paid it off.

No company has ever taken me to court, despite several (alleged) debts that are not statute-barred.

[Spent2much]

Re: statute barred

thanks only just seen these replies. I am looking into the future and being positive, so the debts which are ue now will become statute barred in 5.6 years .

[gravytrain]

Re: statute barred

Keeping in mind that principle sums secured by a mortgage or charge have a statute Barr period of 12 years. (Section 20)

[Spent2much]

Re: statute barred

Keeping in mind that principle sums secured by a mortgage or charge have a statute Barr period of 12 years. (Section 20)

so after 12 years they are useless ?
do they disappear off the house after 12 years ?

[Riz]

Re: statute barred

No, they don't.

They mean the type of debt, not whether there is currently security for it.

See: Actions to recover money secured by a mortgage or charge or to recover proceeds of the sale of land

And: National Debtline England Wales | Debt Advice | Factsheet 11 Mortgage Shortfalls

If the security is still in place due to still being secured via mortgage or charge, then that does not time out.

[ScabHunter]

Re: statute barred

I think we are getting a little confused here.

What S2M wants to know is whether it is safe to buy a house after the current alleged debts have become statute barred. Most of these debts are simple bank overdrafts or credit cards, and are therefore subject to the six year statute barring time scale (in England).

There is one debt which is secured against the present property by a charging order, which will obviously not go statute barred as the others hopefully will.

The simple answer is the one given by rizzle in post #2. If an alleged debt is statute barred, then the creditor is prevented from obtaining the CCJ which would create the possibility of the charge in the first place.

So, yes, if you could somehow pay off the debt which is subject to the CCJ and charge, and then have all of the others go SB, you could buy a house with no theoretical risk of charges.

Of course, there is always the possibility of creditors faking payments or written acknowledgments to try to CONvince a court that the debt is not statute barred, but similar risks apply to anyone who buys a property. Identity theft, for example, can shatter the lives of people who have never been in debt or missed a single payment in their lives.

No-one can ever give 100% degrees of safety in this world. I could get knifed to death by thugs at the bus stop next time I go out. The best we can do is put the percentages in our favour as far as possible, and get on with our lives.

If buying a house in the future is your target, I would work towards it and assume the negligible risk.

SH

[Riz]

Re: statute barred

Yep. I presume that the currently unsecured debts S2M is concerned about are not shortfalls from previous secured loans/mortgages, so are subject to limitation after 6 years.

gravytrain was I think just raising a point of caution that "should" they have been the result of a secured loan/mortgage shortfall, then it would be 12 years not 6.

[Spent2much]

Re: statute barred

No, they don't.

They mean the type of debt, not whether there is currently security for it.

See: Actions to recover money secured by a mortgage or charge or to recover proceeds of the sale of land

And: National Debtline England Wales | Debt Advice | Factsheet 11 Mortgage Shortfalls

If the security is still in place due to still being secured via mortgage or charge, then that does not time out.

Thank you, we plan to offer the tossers a f&f in a few years to get rid because i reckon they would only have paid £500-1000 tops for that debt and we have already paid £1500 . The amount owing now is £5088 .

[Spent2much]

Re: statute barred

I think we are getting a little confused here.

What S2M wants to know is whether it is safe to buy a house after the current alleged debts have become statute barred. Most of these debts are simple bank overdrafts or credit cards, and are therefore subject to the six year statute barring time scale (in England).

There is one debt which is secured against the present property by a charging order, which will obviously not go statute barred as the others hopefully will.

The simple answer is the one given by rizzle in post #2. If an alleged debt is statute barred, then the creditor is prevented from obtaining the CCJ which would create the possibility of the charge in the first place.

So, yes, if you could somehow pay off the debt which is subject to the CCJ and charge, and then have all of the others go SB, you could buy a house with no theoretical risk of charges.

Of course, there is always the possibility of creditors faking payments or written acknowledgments to try to CONvince a court that the debt is not statute barred, but similar risks apply to anyone who buys a property. Identity theft, for example, can shatter the lives of people who have never been in debt or missed a single payment in their lives.

No-one can ever give 100% degrees of safety in this world. I could get knifed to death by thugs at the bus stop next time I go out. The best we can do is put the percentages in our favour as far as possible, and get on with our lives.

If buying a house in the future is your target, I would work towards it and assume the negligible risk.

SH

Great reply and i understood it completely thank you SH

[Spent2much]

Re: statute barred

Yep. I presume that the currently unsecured debts S2M is concerned about are not shortfalls from previous secured loans/mortgages, so are subject to limitation after 6 years.

gravytrain was I think just raising a point of caution that "should" they have been the result of a secured loan/mortgage shortfall, then it would be 12 years not 6.

thank you , that's correct so we plan to pay the charge off in a few years time with a f&f and then see how things go

[gravytrain]

Re: statute barred

Yep. I presume that the currently unsecured debts S2M is concerned about are not shortfalls from previous secured loans/mortgages, so are subject to limitation after 6 years.

gravytrain was I think just raising a point of caution that "should" they have been the result of a secured loan/mortgage shortfall, then it would be 12 years not 6.

Yes, thanks I was

[Spent2much]

Re: statute barred

so if we put our house up for sale now , could fairfax stop us selling it , fairfax are the cretins with the charge on the property.

My hubby just got intouch with me and it looks like he is having the house valued .