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rakhi.v
rakhi.v, Barrister
Category: Bankruptcy Law
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Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I went bankrupt in March 1992.My creditors were the bank and

Resolved Question:

I went bankrupt in March 1992.My creditors were the bank and a company which has been sold twice and last year ceased trading in this country.
I have received a letter from a solicitor asking me to sign over my pension to the official receiver now that I reached retirement age.
Can they take my pension after so long?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  rakhi.v replied 2 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity for assist you.

From whatever information that you have provided, I firmly believe that the debts are barred by limitation. I mean, after such a long period, they cannot collect debt from you.

I quote, for your general understanding and reference....

".....If a lender allows time to pass without receiving any payment an action for recovery may become barred.

Under the Limitations Act 1980 the time limits are
in simple contracts, 6 years
in contracts under seal, 12 years.

If the debtor acknowledges the debt in writing or makes a part payment within the original limitation period, then the time limits start to run again from the date of acknowledgement or the date of payment......."


http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm28384.htm


While answering this, I presume that you have not been sued within the above mentioned time frame and you do not have judgments against you which have been obtained within the above mentioned time frame.

I would strongly suggest you to have a local attorney examine your details and you reply to the letter only after that. I am more than sure, from the information that you have provided, that the referred to debt is barred by limitation.

The following too is a good reference.

https://www.nationaldebtline.org/EW/factsheets/Pages/25%20EW%20Time%20limits%20for%20recovering%20debts/Default.aspx


I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards
rakhi.v and other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.

Thank you for your advise I will contact a local solicitor

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