Took out a joint loan with GE Money, then hit hard times stopped paying loans etc. GE Money never contacted us about the loan and for over three years we didnt hear a thing about the loan. I checked my ICB report and it had on it that GE loan was written off.
Roll forward last week and get a letter from pepper debt collection saying they bought the loan from GE and are now pursuing us. Can they do that, should GE not have told us that they were selling the loan.
Any advice would be great.
When was the last payment made to GE Money if it was 6 years ago then it is statue barred. if the debt has fallen off your credit report then it must be statue barred.
Also, if GM has written off the debt they would have claimed tax towards that write off, is this correct Brendan?
With no notice of assignment pepper are on shaky ground.
I would not acknowledge the debt but put pepper to full proof that they are entitled to collect it.
That may be the case but that does not allow them to cut corners.
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