Montpelier & Newquay 10% loan repayment demands

[webberg]

Are we missing key facts here.
1. Even if they get a judicial jdudgement in the isle of man it can't be enforced in the UK.

2. It is over 6 years (in my case) since I used the loan schemes and the first contact they made about loan repayment was this year. Therefore the loan is not legally enforceable.

Do you know - for certain - that an IOM Judgement will not be supported by a UK Court?

I'm not a lawyer but an hour yesterday searching what I might call "consumer" information, did not leave me with that view.

Your second point is wrong.

The 6 year limitation starts when the loan has been demanded to be repaid by the lender.

At that date, if you refuse to repay and the lender takes no action for 6 years, you are probably free of liability.

I appreciate that people are rightly worried on this point.

However, spreading inaccurate information will do nothing except confuse, give false hope and perhaps lead some people to take decisions that will hurt them.

By all means share information, but please make it accurate.,

[washed up contractor]

2. It is over 6 years (in my case) since I used the loan schemes and the first contact they made about loan repayment was this year. Therefore the loan is not legally enforceable.

This shows a complete lack of understanding of the Limitations Act. Just because 6 years has past does not mean a loan is not legally enforceable. The devil will be in the terms of the original loan, specifically, repayment.

Generally, the cause of action, which is the time from when the Limitations period start and is calculated, begins from when you become in default of the repayment terms.

If you're not in default, ie the lender has asked you to repay and you havent done so, the provisions of the Limitations Act have not yet been invoked. Further, if you acknowledge the 'debt' in any way at any time during the Limitations period, the clock is re set from that date and the 6 year calculations starts again.

Different provisions apply to Scotland.