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Student Loans

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Re: Student Loans

Postby atticus » Sun Nov 16, 2014 7:29 pm

Hairy will need to consider the statute/statutes governing the student loans legislation. I do know that the current scheme cut out the cunning plan previously used by some of filing for bankruptcy so as to leave behind liability for loans.

As to the Limitation Act, time limits apply from the date of the cause of action. In respect of a loan, the creditor's cause action arises on the debtor's breach of contract. This is usually failing to make a payment when it is due. In the case of student loans, this could be many years after completion of the course.
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Re: Student Loans

Postby dls » Sun Nov 16, 2014 8:15 pm

My understanding (unchecked) is that it is a debt excluded from insolvency and limitation.
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Re: Student Loans

Postby Hairyloon » Sun Nov 16, 2014 8:49 pm

dls wrote:My understanding (unchecked) is that it is a debt excluded from insolvency and limitation.

May I ask from where you derive this understanding? It seems to be at odds with the HMRC page. Not that I consider HMRC to be any kind of place to get debt advice from.

atticus wrote:As to the Limitation Act, time limits apply from the date of the cause of action. In respect of a loan, the creditor's cause action arises on the debtor's breach of contract. This is usually failing to make a payment when it is due. In the case of student loans, this could be many years after completion of the course.

As I said in OP: the annual deferral application will defer the start date of the limitation period.
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Re: Student Loans

Postby atticus » Sun Nov 16, 2014 9:43 pm

But limitation periods start running from the date on which the cause of action accrues.
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Re: Student Loans

Postby atticus » Sun Nov 16, 2014 9:53 pm

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Re: Student Loans

Postby Hairyloon » Sun Nov 16, 2014 10:44 pm

atticus wrote:But limitation periods start running from the date on which the cause of action accrues.

Where is the cause of action if repayments are deferred?
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Re: Student Loans

Postby atticus » Mon Nov 17, 2014 6:48 am

In contracts, such as a loan contract, the cause of action accrues on breach.
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Re: Student Loans

Postby tph » Wed Jan 07, 2015 10:37 pm

What years were the loans taken out? The wording of the agreements has changed considerably over time.
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Re: Student Loans

Postby Slartibartfast » Wed Jan 07, 2015 10:53 pm

Never mind that, welcome back TPH!
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Re: Student Loans

Postby Smouldering Stoat » Wed Jan 07, 2015 10:59 pm

+1
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