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Is there any time limit for when a Default Notice may be issued following a breach of a Credit Agreement taken out in 1996?
Is there any time limit for when a Default Notice may be issued following a breach of a Credit Agreement taken out in 1996? The payments ceased in June 2002 and the first month without payment was July 2002. However, the default was registered in January 2003. Therefore does the time limit under s.5 run from July 2002 or from January 2003?
Aside from any requirements in the Consumer Credit Act, a debt cannot be sued upon after it has been outstanding for six years. You have an argument that they are out of time already. They will certainly be out of time if they don't issue by the end of January 2009. Please note however that the limitation period can be extended if you admit the liability in writing or make part payments towards it. If they have not issued you may decide to not admit or pay anything and wait and see if they sue.
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