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Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10528
Experience:  Barrister 17 years experience
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I have been contacted re an old re Purchase debt that has

Customer Question

Hi there. I have been contacted re an old Hire Purchase debt that has been sold to another Finance House. The last payment was made circa 6 years ago. I haven't accepted the debt and asked for a copy credit agreement.
They are obtaining statement of account and have offered a settlement.
What is the best next step.
Submitted: 1 year ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 1 year ago.

1. The first thing you should be aware of, is that after six years a debt becomes time barred owing to the lapse of time. This means you have a good defence to payment based on the Statute of Limitations because more than six years have passed since you either made payments in respect of the hire purchase debt, or acknowledged the debt. So I would advise you not to acknowledge the debt or to make any further payments if six years have passed since you made any payment, as you have a good defence.

Expert:  Buachaill replied 1 year ago.

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