G
Glory
Guest
Statute of Limitiation on Personal Loan?
Hi All,
Just came across this site and am looking for some advise.
going back 7.5 years ago I took out a personal loan from a bank and agreed to pay interest only for a time. My financial circumstances worsened and I stopped my payment. I haven't paid a cent off the loan and did not get any contact from the back until recently. Over 6 years! So my question is... Is there a limitation on time for the bank to collect this loan?? I've looked at the statuebook online but can't find anything and really don't understand the jargon used on it tbh.
I've been getting letters from the back recently which are telling me my account is overdrawn which can't be the case and I think they are chancing their arm!!
WOuld appreciate some advise on this please.,
thank you.
glory
Hi All,
Just came across this site and am looking for some advise.
going back 7.5 years ago I took out a personal loan from a bank and agreed to pay interest only for a time. My financial circumstances worsened and I stopped my payment. I haven't paid a cent off the loan and did not get any contact from the back until recently. Over 6 years! So my question is... Is there a limitation on time for the bank to collect this loan?? I've looked at the statuebook online but can't find anything and really don't understand the jargon used on it tbh.
I've been getting letters from the back recently which are telling me my account is overdrawn which can't be the case and I think they are chancing their arm!!
WOuld appreciate some advise on this please.,
thank you.
glory