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    freefall's Avatar

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    Default Overdraft defaulted in 2010 - is it statute barred?

    Out of the blue and after hearing nothing since around 2010 I have been sent a demand by Capquest for £11752 that relates to an overdraft with Lloyds Bank. This defaulted on 26/11/2010 and I have had no communication since then. I am aware that overdrafts are sometimes treated differently to other debts but since it is defaulted and they last demanded payment back in 2010 (and I have personally not communicated with them since then), is this now statute barred? Interestingly, not only has it been over 7 years since this was pursued, since March this year, it is also not even on more credit report with any agency either so has either been deleted or has lapsed as no one was updating.

    Many thanks for your support...

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    Diana M's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    Who currently owns this debt?

    Capquest mostly manage debts for third parties.

    Di
    I am a Litigation Executive at Joanna Connolly Solicitors a firm which specializes in consumer credit.

    This forumís site rules donít allow me to give advice by PM but if you need to contact me please email [email protected]. Our initial advice is always free.


    Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

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    freefall's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    The letter syas that ownership of my account has been transferred to Capquest Investments Ltd. Capquest Debt Recovery will be managing the account.

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    Diana M's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    Quote Originally Posted by freefall View Post
    The letter syas that ownership of my account has been transferred to Capquest Investments Ltd. Capquest Debt Recovery will be managing the account.
    So is it simply a Notice of Assignment informing you that Capquest Investments Ltd have been assigned the debt by Lloyds?

    Before you raise the potential Statute Barred issue with them I suggest you send a Subject Access Request to Lloyds to get the full history of the account.

    Even though you may not have actively used the overdraft facility since 2010 it's possible that the SB date may be dictated by the remedy date of any Formal Demand sent to you calling in the overdraft.

    I think you're saying it fell off your credit file in March this year so that may be an indication of the account having been defaulted in March 2011. Fingers crossed there was no payment or acknowledgement after that date.

    Di
    I am a Litigation Executive at Joanna Connolly Solicitors a firm which specializes in consumer credit.

    This forumís site rules donít allow me to give advice by PM but if you need to contact me please email [email protected]. Our initial advice is always free.


    Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

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    freefall's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    OK thanks for that, the account was actually closed before the default date and they had been chasing me for the outstanding prior to this date. I haven't used the account since around 2008. I'm not sure when it fell off the credit file as I only noticed in March this year and I don't tend to check that regularly. Also when it was on my credit file it was also under the name Capquest Investments Limited so whilst it appears to be a transfer notice, it looks like no actual transfer has been made. It was clear on my credit file on June 4th 2014 that the default date was 26/11/2010 (which I have a copy of from Equifax).

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    Diana M's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    Quote Originally Posted by freefall View Post
    Also when it was on my credit file it was also under the name Capquest Investments Limited so whilst it appears to be a transfer notice, it looks like no actual transfer has been made. It was clear on my credit file on June 4th 2014 .
    If it was assigned to Capquest Investments in 2014 (or before) then why are they writing to you now? Have you moved house and they've only just caught up with you?

    Or do you mean Lloyds were reporting the account to the DCAs in 2014?

    Di
    I am a Litigation Executive at Joanna Connolly Solicitors a firm which specializes in consumer credit.

    This forumís site rules donít allow me to give advice by PM but if you need to contact me please email [email protected]. Our initial advice is always free.


    Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

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    freefall's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    Actually have just checked and the above is not the case, they were sending me letters in early 2010 telling me to keep paying into the account as I had gone above the limit...unfortunately I have no further documentation from them but can confirm that on my credit file the default date was November 2010 as stated. I'm assuming that they would have notified me of this at the time and that SB timing would start from then? Do apply to Capquest for the SAB or direct to LLoyds? Many thanks

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    Diana M's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    Quote Originally Posted by freefall View Post
    Do apply to Capquest for the SAB or direct to LLoyds?
    The SAR goes direct to Lloyds and hopefully that will clarify what happened and when.

    Di
    I am a Litigation Executive at Joanna Connolly Solicitors a firm which specializes in consumer credit.

    This forumís site rules donít allow me to give advice by PM but if you need to contact me please email [email protected]. Our initial advice is always free.


    Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

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    freefall's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    Sorry just seen your last post. I have moved a couple of times since they were writing to me in 2010. Between 2009 and June this year I had one address and I did have communication from Capquest at that address a long time ago. This latest letter is to my new address but Capquest have been texting me every couple of months asking me to ring them but I have just ignored these as it was not clear what this was about. As far as I can work out Capquest have had this account from the start....It seems inconceivable that they would not have been abe to find me at my last address for over 7 years when I was on electoral role etc.

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    freefall's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    OK I will contact Lloyds for SAB - if the default date is confirmed as November 2010 would that mean it is SB? Many thanks for your super quick replies

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    Diana M's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    Quote Originally Posted by freefall View Post
    The letter syas that ownership of my account has been transferred to Capquest Investments Ltd. Capquest Debt Recovery will be managing the account.
    So this is the puzzling bit.

    If Capquest Investments were assigned the debt years ago (and you say they wrote to your previous address) then why are they writing to you now to say it's been transferred?

    One possibility is that you were not sent a NOA when the debt was sold so they're playing catch-up.

    Another possibility is that Caprquest Debt Recovery were previously writing to you when they were acting as a DCA for Lloyds.

    All will be revealed in the SAR

    Di
    I am a Litigation Executive at Joanna Connolly Solicitors a firm which specializes in consumer credit.

    This forumís site rules donít allow me to give advice by PM but if you need to contact me please email [email protected]. Our initial advice is always free.


    Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

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    freefall's Avatar

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    Default Re: Overdraft defaulted in 2010 - is it statute barred?

    OK many thanks for all of that - obviously also just trying to get (if possible) some reassurance in the circumstances of the default in November 2010 as recorded. If that does prove to be the case with the SAB does that suggest it would be SB? Also are there any implications if they failed to send NOA? Likewise if Capquest were initially acting for Lloyds does that have any bearing (although again as my credit file states Capquest Investments Ltd NOT Capquest Debt Recovery so I think that this is unlikely). Thanks again for your help....

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