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Scottish Trust Deed Forum
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Topic starter
14/07/2011 10:16 am
I wonder if anyone can help.
We had a joint loan which was taken out in 2003, about a year later my husband was made unemployed and we failed to make payments on the loan and soon after had to sell the house and move.
We have never received any calls or letters about this until Tuesday when we got a letter from Allied Collections who I gues are acting for the Bank of Scotland demanding payment of £18,746.
Would we be able to look at a trust deed even if the debt is that old.
thanks
14/07/2011 10:22 am
Hi bumbscare
In answer to your question yes it could be included, however if you have received no contact or made any contact re the debt and no court action has taken place in the 5 years before the letter, then they cannot legally pursue this anyway.
It's called prescription in Scotland which means creditors cant pursue for debt if they have done nothing for a 5 year period. Some have a longer period Council Tax is 20 years and HMRC debt has no time limit after an assessment has been raised etc etc, but your loan would fall into the 5 year rule.
Hope this helps
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
10/08/2011 5:03 pm
Hi Mark
Just wanted to say thanks as I contacted the company AC and told them exactly as you described. They referred it back to Bank of Scotland who have now confirmed that the debt is now written off.
The site saved me almost £19,000 with your excellent advice all round and a huge amount of grief and expense.
Keep up the good work as it really is appreciated.
10/08/2011 5:08 pm
That's excellent news bumbscare. Thank you for taking the time to come back and tell us.
Congratulations to you and also to Mark for his part in making this possible.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
11/08/2011 9:25 am
Hi both
No problem. Sometimes the simplest advice has the greatest effect.
Really glad it worked out.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
