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Laura R | How old does a debt need to be before you can no longer be chased for it? |
Additional Details
I am in the UK, I don't live above my means. I own my own, very profitable business! This is a debt i knew nothing about util they contacted me after 4 years! I am not a dead beat, if i owe the money and they are legally entitled to collect it, i will pay it. Never assume it makes a *** out of u and me!
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 |
 
wizjp
|
Depending on the type of debit 7-20 years on average is the time frame it'll be valid.
Statute of limitations varies by state: info here:
http://www.bankrate.com/brm/news/cc/20040116b2.asp#il |
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Lollipop
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My my some people are soooo judgemental aren't they.
If you have not made any payments against or acknowledged the debt for 6 years then it becomes "statute barred" under the Liability and Limitation Act which in simple terms means legally the company can no longer chase you for the debt.
Be careful as there are some sharks out there that 'buy' statute barred debts and chase people for them in the hope they don't know their rights.
A great source of information is the National Debtline website - in particular this page. http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=25_liability_for_debts_and_the_limitation_act
They also have letter templates for you to send to creditors chasing you for money after 6 years.
Don't be stressed by the scaremongering - you are right to seek advice. Everybody is entitled to make mistakes when they are young and in my opinion banks are overly keen to lend ridiculous amounts of money to very young, irresponsible people without properly checking if they're able to pay it back. I know because unfortunately I was one of those young, irresponsible people many years ago!
My personal opinion is that tighter regulations should be brought in for lenders because they're always too keen to lend without always doing so responsibly.
Good luck. |
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emaf1uk
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It's 6 years from the last point of contact. I work for an insolvency practice! |
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Gem
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Laura, the first answerer is partially correct in the 7-10 years.
It depends on your state (if in US) and what type debt it is.
Just keep in mind that bill collectors buy old (out of statue of limitations) debts and then try to get you to contact them long AFTER the time has expired.
Click on his link and look it up for yourself. |
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Janbull
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Are you in the UK or the US |
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Amanda H
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What totally sucked was the fact that after college I had so much credit card debt that piled up and it was really affecting my credit score. I searched around and tried a few of those debt consolidation sites but found that nothing that I tried really worked. I found this kick *** site that helped me alleviate these problems and I want to share it with you.I helped me out so much and I hope it helps you as well.http://getoutofdebt.5gbfree.com/index.html |
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skrelaford6
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If I remember correctly 10 years but, if you have talked to that creditor at all they keep it going. So your better off just seeing if you can make payments and getting rid of it instead of trying to hide from them. |
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Venusza
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It will stay with you until it's paid I'm afraid! If it's that bad talk to your bank or the people you owe money to and come to some sort of arrangement |
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mt_ski
 |
there is no limit on the age of the debt they can collect.
Just pay it off and stop being a dead-beat.
Don't live above your means |
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