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When do debts based on a continuing repayment become statute barred

  • 06-07-2007 10:52am
    #1
    mountainyman
    Closed Accounts Posts: 2,268 ✭✭✭


    If I were to borrow a thousand euro on 1st Jan 2007 and never pay it back is the debt statute barred after 6 years?

    If I were to borrow a thousand euro on 1st Jan 2007 , pay 100 on the 1st of Feb and 1 hundred on the 1st of March when does the remaining 800 become statute barred ?


    If I were to enter into a credit card agreement on 1st Jan 2007 withdraw 1000 euro , pay 100 on the 1st of Feb and 1 hundred on the 1st of March when does the remaining 800 become statute barred ?



    MM


Comments

  • #2
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    6 years after the last acknowledgment of the debt. Making a payment would act as an acknowledgment. The lender has 6 years to seek a judgment against the debtor. When a judgment has been obtained, the lender has 12 years to enforce the judgment.


  • #3
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    There is the possibility that you would always be liable for the last six years interest. Interest continues to accrue and each addition of interest constitutes a fresh cause of action.


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