Are loans registered?

Hi

Can you tell me if lenders are required to register loans with an outside body? I would like to know what would happen if a person defaulted on a loan and the six year limitation period for chasing that loan had passed. What's stopping a lender from saying that the person acknowledged the debt within the six year period if they haven't?

Thanks

GerardKeating

easyredrider wrote: »

Can you tell me if lenders are required to register loans with an outside body?

Some lenders are registered with a credit rating agency, and they list any/all loans with them.

easyredrider wrote: »

What's stopping a lender from saying that the person acknowledged the debt within the six year period if they haven't?

Mainly laws relating to perjury. They would actually have to offer proof in court and swear to it.

Victor

In recent years, hasn't the Central Bank been registering loans of more than a few thousand euros against PPS numbers?

Mrs OBumble

easyredrider wrote: »

Hi

Can you tell me if lenders are required to register loans with an outside body?
Thanks

Loans must be reported to the Central Credit Register.

Most lenders need to be registered / incensed with the Central Bank, in one capacity or another.

What's stopping lenders from telling lies to the CCR is concern that they may lose their registration if they are proven to be doing incorrect things.

wonski

Victor wrote: »

In recent years, hasn't the Central Bank been registering loans of more than a few thousand euros against PPS numbers?

Anything over 500 euro has to be registered.

Not a few thousands

easyredrider

easyredrider wrote: »

Hi

Can you tell me if lenders are required to register loans with an outside body? I would like to know what would happen if a person defaulted on a loan and the six year limitation period for chasing that loan had passed. What's stopping a lender from saying that the person acknowledged the debt within the six year period if they haven't?

Thanks

Might be longer than six years if the loan was secured by any form of real property or if the loan was executed under seal (unlikely) or if the cause of action did not accrue until a formal demand issues and none has issued etc.

Be very wary of statute defenses as it’s a minefield.

Claw Hammer

easyredrider wrote: »

Hi

What's stopping a lender from saying that the person acknowledged the debt within the six year period if they haven't?

Thanks

Statute of Limitations, 1957
58.—(1) Every acknowledgment shall be in writing and signed by the person making the acknowledgment.