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Financial institutions chasing debts

  • 24-01-2011 5:32pm
    #1
    mysadlife
    Closed Accounts Posts: 17 ✭


    Does anyone know if there is a maximum time limit that an Irish Bank or financial institution is allowed to chase an outstanding loan balance or outstanding finance on a lease?


Comments

  • #2
    smokin ace
    Registered Users, Registered Users 2 Posts: 855 ✭✭✭smokin ace


    i would like to know this myself


  • #3
    mysadlife
    Closed Accounts Posts: 17 ✭mysadlife


    {SNIP}

    Mod Note: No legal advice... even for your "friend"


  • #4
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    The person should go to a competent solicitor and bring copies of every letter which has passed between the finance company and the borrower since 2001. The debt may or may not be statute barred, but only a close examination of the papers will disclose whether it is or not.


  • #5
    spurs2010
    Closed Accounts Posts: 14 ✭spurs2010


    mysadlife wrote: »
    Does anyone know if there is a maximum time limit that an Irish Bank or financial institution is allowed to chase an outstanding loan balance or outstanding finance on a lease?


    Hi,

    A finance contract is just that....... a contract and the normal statute period is 6 years


    spurs2010


  • #6
    Reloc8
    Closed Accounts Posts: 2,857 ✭✭✭Reloc8


    Eh, yeah.

    It depends though.

    It may be a contract under seal.

    Equally any acknowledgment of debt restarts the statutory period.

    So you can't just say '6 years' in a vacuum really - when do you say the six year period commences as a matter of interest ?


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  • #7
    mysadlife
    Closed Accounts Posts: 17 ✭mysadlife


    It was lease financed, with a personal guarantee, through (unsure which one), either Permanent TSB Finance or Anglo Irish


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