Can I get my money back?

[makeithappen]

During 2007 around June I cleared over £30k of debt. I now know a lot more about debts so hindsight is a wonderful thing. Now lets see how wonderful it is.

I have read about debts being created before 2007 being illegal and that the are not "legal"

If I was honerable and cleared these debts could I have course to request that these debts we not legal and claim some of my £30k back?

Any freeman want to help, might kick you back a bag of gold coins if it works!

[wise haven]

Originally Posted by makeithappen

During 2007 around June I cleared over £30k of debt. I now know a lot more about debts so hindsight is a wonderful thing. Now lets see how wonderful it is.

I have read about debts being created before 2007 being illegal and that the are not "legal"

If I was honerable and cleared these debts could I have course to request that these debts we not legal and claim some of my £30k back?

Any freeman want to help, might kick you back a bag of gold coins if it works!

Considering this at face value; It looks like you might have a bit of a struggle trying to get some or all of the cash back.

A few years back I helped someone get £37k worth of debt written off by offering a much smaller amount in consideration to make a full and final offer.

So by trying to abrogate any settlement - you could end up in breach of contract.

Don't know how this could pan out without more information.

I don't know about the legality you refer to regarding things prior to 2007.

There is a statute of limitations for trying to claim monies/debts etc -which is 6 years. So you are still within the statutory period to make a claim.......but a claim for what is the questionable aspect.

[wychworcs]

Yes, it's quite likely that you can recover some money from your previous debts.
If you are interested in pursuing an enquiry into a potential claim, let me know.
I work in finance,dealing with exactly this kind of thing.
It would be a pleasure to assist you further.

[zarah]

Actually I don't think you can, simply because upon payment any contract would have been terminated. I don't think statute of limitations would apply because the debt has been discharged; I could be wrong though, I'm only a first year law student.

[wychworcs]

Yes, it can be done.
Many credit agreements that have been sold, have been found to contain discrepancies.
The Consumer Credit Act 1974, legislates that credit agreements must meet certain criteria........,and a whole load of them don't.
So it's well worth anyone who has taken out any credit agreement (in the past 20 yrs), to challenge its validity.
There are many suprising legal loopholes,in the consumers favour.

About the 30k debt,from2007.....
If Payment Protection Insurance was also taken out also, there is a greater possibilty that an entitlement to refunds is due.

[wise haven]

Originally Posted by zarah

Actually I don't think you can, simply because upon payment any contract would have been terminated. I don't think statute of limitations would apply because the debt has been discharged; I could be wrong though, I'm only a first year law student.

I think you are right zarah - The general principal is that debt older than 6 years cannot be pursued - or be registered with a credit referencing agency.

If the debt has been discharged - by whatever means or remedy - I imagine that, as both the parties involved have agreed to settle - this has become a settlement, therefore it cannot be resurrected for appeal unless there is a point of law.
However, if the settlement was based on perjury or non disclosure there would be grounds for re-opening the case.

Again, without more details, any comment will and can only be speculation.

[wise haven]

Originally Posted by wychworcs

Yes, it can be done.
Many credit agreements that have been sold, have been found to contain discrepancies.
The Consumer Credit Act 1974, legislates that credit agreements must meet certain criteria........,and a whole load of them don't.
So it's well worth anyone who has taken out any credit agreement (in the past 20 yrs), to challenge its validity.
There are many suprising legal loopholes,in the consumers favour.

About the 30k debt,from2007.....
If Payment Protection Insurance was also taken out also, there is a greater possibilty that an entitlement to refunds is due.

You have provided food for thought.

The consumer credit act 1974 - A fine example that could be very beneficil to many if they have kept records during this period.

As you say "There are may surprising loopholes.............." that is correct - and that is due to the realisation that consumer debt is based on a fraud.
Consumer credit is massively weighted in favour of the borrower for the simple reason that it is artificial - no real money or value or loss is incurred by the creditor if the "debt" is not repayed.

[signalnorth]

Originally Posted by wise haven

There is a statute of limitations for trying to claim monies/debts etc -which is 6 years. So you are still within the statutory period to make a claim.......but a claim for what is the questionable aspect.

What if the debt is over 6 years old (18 years old in fact!) but you've paid some of it back. Does the limitation still apply (In the uk)?

[wise haven]

Originally Posted by signalnorth

What if the debt is over 6 years old (18 years old in fact!) but you've paid some of it back. Does the limitation still apply (In the uk)?

Difficult one - I don't know is the only answer I can give to that.

It depends on the type of debt - and any agreements you have made. By making payments you have essentially agreed that the debt does exist. You could challenge the payments - but if the last payment was made over 6 years ago it is more than likely you are outside the statutory period. I'm working in the dark here and unfortunately think you are out of luck.

Sorry

[signalnorth]

Originally Posted by wise haven

I'm working in the dark here and unfortunately think you are out of luck.

Sorry

Fair enough.