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Scottish Trust Deed Forum
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Topic starter
26/02/2011 9:33 am
Hi
Quick question. What happens if on signing a Trust Deed there is a debt from 7 or 8 years ago and there's been no communication or calls and no account number.
Martin
26/02/2011 9:47 am
Hi Martin
There's a couple of points on this. If you signed a Trust Deed then this debt would rank as a creditor like all others. If you were unaware of it and a year or so later they made contact, it would revert back to being a creditor in the Trust Deed. There are certain rights n stuff about unnotified creditors, but it's long & dull & rarely makes a difference.
Strangely, if you didn't sign a Trust Deed and this happened then the creditor can do nothing to enforce the debt. It's called prescription, whereby a debt which has not been enforced or admitted to in a 5 year period can't be pursued by a creditor.
Hope this helps.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
