Right of recovery after UE?

[Ames]

This is something I've been pondering for a while.

If you have a debt which is unenforcable, or even just sold onto a DCA, how long do you have to avoid that bank for?

I'm thinking of a scenario where you sort your debt out, through f&fs to DCAs, or UE, or DMP. Then a few years down the line your bank gets taken over by one you owed money to. Could they still take money for your old debt?

Or if you sort your debts out, a few years later you meet someone and become financially linked. They have a bank account with someone you owe money to.

I'm sure there would be other ways too.

It just doesn't seem possible to spend your whole life avoiding certain banks, especially if you owe a few different ones, and especially with all the takeovers/mergers etc. But we all know how the barstewards behave.

[garlok]

Re: Right of recovery after UE?

Hi Ames,

As long as you have not made payment for six years and not acknowedged the debt in any way for six years then it becomes Stautue Barred in England and Wales, five years in Scotland and three years in most other parts of the EU.

Attempts to recover monies from a settled F & F which has had the proper correspondence put in place defining the exact terms and conditions is a breach of those terms and under Common Law you are entitled to damages and compensation. Usually we threaten to recover a six figure sum by way of damages and compensation and a five figure sum in legal costs. There are not many that will risk a ruling against them in a court and usually back off sharpish. A loss in court not only effects them it has a dilatarious effect on all other financial institutions as well.

regards
Garlok

[surviving]

Re: Right of recovery after UE?

Hiya, bear with me as I'm a newbie and still trying to take in all the info on this site. I was reading about F & Fs the other day and it being better to ask a 3rd party to send the payment for you. Just reading your above post, are you only 'protected' in this way if a 3rd party has paid or is the detailed letter with the agreed terms the key - only asking as if in the future I went for a F & F, I'm not sure who I could ask to pay it without having to tell them more details.

Thanks

Surviving

[garlok]

Re: Right of recovery after UE?

Hi surviving,

Thanks for the post. It is a difficult subject but there are two places on the forum to have a read: Here is one:-

http://forums.all-about-debt.co.uk/s...2788#post92788

I will go off and get the other for you now. Have a read through the material and come back to the discussion thread above where we can examine your questions in detail as Niddy has a slightly different approach to me because it appears to simple and it is not. Read the second link as well on here and you will see what we are rabbiting about.

regards
Garlok

[garlok]

Re: Right of recovery after UE?

Here you go surviving, here is the site "sticky" on F & Fs which will also give you the F & F template letters. Before doing anything it is wise to have an understanding of the basics and remember this is Contract Law and don't be tempted in any way to make telephone calls or discuss by phone EVERYTHING in writing and documentary. I will not even use e-mail in these issues.

http://forums.all-about-debt.co.uk/showthread.php?t=236

regards
Garlok

[Never-In-Doubt]

Re: Right of recovery after UE?

Mate I don't disagree with you about F&F's - I just prefer not to entertain them until it's the only option left to you. Like alland; £10k "enforceable" debt settled for £2k. Otherwise all I say is don't mess with things unless you've the legal nonce to fight it; which you do have. Most users here wouldn't be able to.

But I pretty much agree otherwise matey

[caspar]

Re: Right of recovery after UE?

Hi Ames,

Garlok is aboslutely correct about the SB part. However, I doubt you could then go straight back to that bank to open an account. They will hold your records on their systems I believe for a further 6 years ( can't remember exactly) and then archive them for a further 5 or so. Once all records have been removed from their system, then you should be OK to go back there.

[garlok]

Re: Right of recovery after UE?

Good points Niddy, hence my comments always to look at all the available points of view and I will admit we took it head on with no dispute at all just to get rid of the potential hassle with that bloody awful bank, but I see clearly the logic of waiting until a DCA has purchased the the alleged debt for pennies.

The points you make Casp, are ones I had not thought of. Good on you.

regards
Garlok

[Never-In-Doubt]

Re: Right of recovery after UE?

Hi Ames,

Garlok is aboslutely correct about the SB part. However, I doubt you could then go straight back to that bank to open an account. They will hold your records on their systems I believe for a further 6 years ( can't remember exactly) and then archive them for a further 5 or so. Once all records have been removed from their system, then you should be OK to go back there.

Actually, you can! If you've had no contact for 3 years then the lender will generate a new CRN for you meaning you will be classed as a new customer.

Obviously, rather silly to do it but yes, it can be done. After 6 years or default removal/SB date - likewise, you're fine to reapply.

[Ames]

Re: Right of recovery after UE?

Thanks guys, I know that legally they can't take money after a f&f or when it's statute barred, but these are banks we're talking about...

[CleverClogs (RIP)]

Re: Right of recovery after UE?

Thanks guys, I know that legally they can't take money after a f&f or when it's statute barred, but these are banks onanists we're talking about...

FYPFY