Old loan - agreed a payment plan - need some advice.

P

Paul Smart

Registered User
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4
Hello Everyone
I have a question regarding loans
I lost My business of twenty years back in late 2008
Since then I have struggled with debts
One creditor sold on their debt to a debt collection agency who contacted Me last year 8 years after the loan went into arrears and agreed to pay them 40 euros a month where does this leave Me legally
 
By agreeing to pay €40 a month,you reactivated the loan.
Did you take any advice before agreeing a payment plan?
Can you afford €40 a month?
How big is the debt?
Were you a sole trader or a limited company?
 
If it was a limited company,did it go into liquidation?
You say in your title that it's a loan,but then say it's a creditor.Is it a trade debt,or a sold on bank loan?
If so,why are you personally paying a red cent?
Were the debts personally guaranteed by you?
 
They were business loans which
They were threatening court action and I was unaware of the six year statute rule
Surely if the loan was statute barred I am no longer liable
I have signed nothing
 
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