Areas of Law / Debt matter

Several years ago I became ill and was unable to maintain full payment of a number of unsecured loans. The local CAB arranged, on my behalf, reduced payments to my creditors. Although I intend to keep paying, I am led to believe that there is no longer any legal basis for my creditors to recover the outstanding amounts once six years have elapsed. Can you confirm this?

No. You’re probably thinking of the Limitation Act. This gives you six years from the date of some legal wrongs in which to bring court proceedings. However your obligations are ongoing. If you stopped paying your creditors they would have six years from the date of your missed instalments in which to bring a claim. In any event the agreement to rearrange the loans would probably start the time running afresh.

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