Debt Collection on Loan that hasent been paid in over 9 years

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thebadger

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We were in business and 9 years ago we liquidated the Company due to very difficult trading conditions. We had an outstanding loan with National Irish Bank for 65000 Euro, which was sold to Pepper. We have been getting letters with an amount plus interest from them over the last few years, we tried to come to an arrangement with Pepper when we were trading but Pepper would not entertain any of our offers. We received a letter from a debt collection agency today looking for us to contact them. We were wondering under the statute of limitations legally what can they do to us? We dont have the means to pay this loan back and are very worried.
 
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I presume that the loan is a personal loan and not in the name of the company?

When were you last in contact with Pepper or the Debt Collection agency?

Do you own your own home?

Brendan
 
I see you have/had a buy to let and family home as well.

Mortgage Sold to Mars Capital Finance by EBS

We have a 2 mortgages one with the Irish Permanent and the other with EBS, the Permo mortgage is a buy-to-let which we are paying capital and interest, the EBS one is our Family home and was restructured 7 years ago, again we pay capital and interest, we have stuck to this deal and paid...
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Brendan
 
It was a business loan the last time we spoke was about 5 years ago all we get is letters with the balance and interest on it. We own our own home but loan was passed to a vulture, paying the mortgage just about
 
We have not been in correspondence with Pepper we’re just wondering it’s over 9 years would this effect them coming after us for payment?
 
thebadger said:
We have not been in correspondence with Pepper we’re just wondering it’s over 9 years would this effect them coming after us for payment?
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They can always take you to court to obtain judgement,and you can appear and enter a defence of the debt being statute barred.
Is this loan in the name of the company,or you personally?
 
vandriver said:
They can always take you to court to obtain judgement,and you can appear and enter a defence of the debt being statute barred.
Is this loan in the name of the company,or you personally?
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And if the loan was in the name of the company, did you give a personal guarantee?
 
If the loan was against the company and the company was properly liquidated it’s game over for Pepper (assuming it was an insolvent liquidation).

If the loan was to an individual, it’s statute barred (per @vandriver above) and Pepper are chancing their arm. They won’t succeed in court if you choose to raise the statute of limitations as a defence. For this reason they won’t even try. The only benefit of engaging with Pepper is to clear your credit history.
 
The loan was in the company name and there were personal guarantees given, on the original loan taken out in 2008 with National Irish Bank. It was then passed to pepper as a non performing loan. There has not been any payments to pepper in over 9 years, we did engage but to no avail in 2015 with an offer. We were going to get a loan to clear this loan but no joy. Thanks for the advice
 
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