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Jo C.
Jo C., Barrister
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Hi, Is it possible to clarify the Limitations Act in relation

Resolved Question:

Hi,

Is it possible to clarify the Limitations Act in relation to finance secured on a car?

I know unsecured debts become statute barred after 6 years of no contact from the lender, but what is the situation in relation to car loans secured on the car?

Thanks for your help in advance.
Submitted: 1 year ago.
Category: UK Traffic Law
Expert:  Jo C. replied 1 year ago.
Hi

Thank you for your question and welcome to Just Answer. My name is XXXXX XXXXX I will try to help with this.

A loan secured against a car is a contract. It has the same limitation as any other contract which is 6 years.

However, time does not run from the date of contract but the date of last acknowledgment - eg. the last payment or negotiation over payment. Normally time runs from many years after the actual contract date.

Is that all you wanted to know?

Jo
Jo C., Barrister
Category: UK Traffic Law
Satisfied Customers: 64954
Experience: Over 5 years in practice.
Jo C. and other UK Traffic Law Specialists are ready to help you
Customer: replied 1 year ago.

Hi Jo,


 


Just a quick question (hopefully) in relation to my previous question...


 


For a car loan where the last payment (and contact regarding payment) was 8 years ago, if I contact the loan company to return the vehicle and they say the account is with a debt collector (?) then if I hand the car back, does this count as a payment and does the clock reset?


 


I don't want to go into details as it is a long a boring story, but I thought everything was settled 8 years ago, I come to sell the car and see they have registered outstanding finance with HPI. I'm not bothered about the money in selling the car, I just want rid of the car, but the amount (I guess with interest and misc. charges over the years they have made up) the amount on HPI is quite sizable.


 


I don't want to give the car back if I am then liable for this random amount they claim against me, but if I can hand the car back and claim this debt is statute barred, then I will follow that route. They havent communicated this debt or charges, this is the first I am hearing of it!


 


Many thanks for your help.


 


Kind regards.

Expert:  Jo C. replied 1 year ago.
Hi

To be wholly honest, I think that would amount to acknowledgement.

It must be said that the don't always act upon acknowledgement but they could.
Jo C., Barrister
Category: UK Traffic Law
Satisfied Customers: 64954
Experience: Over 5 years in practice.
Jo C. and other UK Traffic Law Specialists are ready to help you

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