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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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We made voluntary arrangements with several banks and credit

Resolved Question:

we made voluntary arrangements with several banks and credit card companies 4 years ago, we have kept up with all of the arranged monthly payments and also have increased our monthly payments annually to all of them, do these arrangements stop after 6 years, if not what is the normal procedure
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you.
Have they said it was for a limited time?
Customer: replied 2 years ago.

no , no specific timescale has been discussed

Expert:  Ash replied 2 years ago.
Ok, then it runs until you change it. Its not valid just for 6 years. It is valid until you complete it or the other side writes it off.
Can I clarify anything for you about this today please?
Alex
Customer: replied 2 years ago.

Hi Alex, thanks for your help, i have been led to believe that a 6 year period is the timescale after which the creditor will stop persuing the debt, is this normal, I understand from your previous mail that technically the debt still exists but is the 6 year period an unofficail timescale after which they give up on it or are we faced with this for a longer period.

Expert:  Ash replied 2 years ago.
No. Limitation is 6 years from date of debt or last payment. As you are keep paying, they could chose to write it off but can still continue with it. It down to the creditor. So every time you make a payment the 6 years start again.
Does that help?
Alex
Ash and other Law Specialists are ready to help you
Expert:  Ash replied 2 years ago.
Hi

I am just following up to see if there is anything else I can help with?

If you have not done so already might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex