Make consumer debt statute barred after 4 not 6 years.

• Petition
• Statistics
• Map

Petition Action

Make consumer debt statute barred after 4 not 6 years.

Petition Details

Currently, creditors can sue for repayment of debts for up to 6 yrs after default or payment. The Courts are overwhelmed. In 2014, there were 1.5 million claims issued and 410,000 judgments with 54 weeks from claim to hearing. By reducing the statute bar to 4 years, this would reduce the claims.

Additional Information

Of £470 bn of consumer debt, £50 billion is now owned by debt purchase companies, who buy bank and credit card balances for 2-10% of their value and then use the Courts to get 100% repayment, making super profits in the process. One company owns £17bn of consumer debt and reported a profit of £196 million last year.By reducing the statute bar to four years, the number of claims would be reduced, the Courts could cope better, and original lenders would be OK. Consumers would be the winners

---

You can't sign this petition because it is now closed. But you can still comment on it here at Repetition.me!

Have your say on this petition!

comments powered by Disqus