audrey_o
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£1000 is a little debt considering the average amount of personal debt today. I'd get a low interest rate loan and pay it off ASAP.
Debts can stay on your record for 6yrs after settlement...The fact that it hasn't been settled means it can be recorded on your record as a default.
If you leave it by "forgetting" you could easliy end up owing £3000 as you will be charged interest over the 7yrs and all court costs.
It probably wont go away now that they know where you are. |
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coreys1247
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This is very common. There is a new type of debt collection agencies called Junk Debt Buyers. They buy old debt and attempt to illegally re-start the statute both on your reports and the amount of time they have to collect it by any means.
Read this article: http://www.expert-credit-advice.com/junk_debt.htm
Regarding your rights, you have rights, unfortunately, it is up to you to pursue them. Here is another great article regarding your rights: http://www.expert-credit-advice.com/debt_collection_laws.htm
Here is a list of the statutes of limitations regarding debts listed by state and type of debt. http://www.expert-credit-advice.com/statute_of_limitations.htm
Same site, they offer a service that can help. They will validate any debt for only $30, look for it....
Good luck my friend. |
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JC
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I believe that it drops off after 7 yrs of no activity. Im sure they know that, hense the sudden calls to get you to acknowledge the debt. I would contact the credit bureau and find out for sure. But dont answer thier calls or make payment arrangements. |
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bookmom
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Did you incur the debt? Then you should pay the bill, that's the "right" thing to do. |
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grumpcookie
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after 6 years and i day.a debt is cancelled.if however during that time you have contact with the people you owe money to..ie.you promise to pay,,thereby aknowledging the debt. then it restarts again.. legally after 6 years the amount you owe is wiped. |
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javelinl
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That depends.
No matter how old a debt is a collection company is forbidden from contacting consumers in any way (other than litigation) after receiving WRITTEN notice that said consumer wishes no further contact or refuses to pay the alleged debt (unless it is to say that collection efforts are being terminated or that the collector intends to file a lawsuit)
At this point, they only have the option to take you to court, and if the debt is older than 7 years, the statute of limitations is probably up.
However, if they got a judgement (ie they already went to court), then you can never get rid of the debt without payment. |
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artytype
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No, they won't leave you alone because they have bought the debt off the original company and are going to recover the cost of the debt unless you file for bankruptcy however this will effect your chance of borrowing from a reputable company in the future. |
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schoolot
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No, debts are not written off unless you have proof that you paid them off or have filed bankruptcy. Sometimes, the company you owe the debt to will settle for a smaller amount if they have had the debt on their books for quite some time. Ultimately, you are liable for the money you owe. Those debts will haunt you when you want to make a big purchase like a home. |
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NETTA M
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Seven years is only the magic number when you're talking about your credit report. Negative info falls off your credit report after 7 years. If you owe the debt you owe it, hands down. Most comapnies write the debt off after 3-4 years but they just sell it to another company for 0.50-0.65 on the dollar. Then if that new company collects the entire amount they've just made a lot of money off of you. The question you should be asking is, can they prove you owe you money? Some people get scared and pay the bill, and they company contacting you has no proof you owe anything. There is also a statute of limitations, on debt collection by a third party. Each state has there own, If that statute is up, you don't have to pay anything either. This is not something these companies check because most people don't challenge them on it.
First send a dispute letter to them certified mail (keep a copy of letter and certified receipt), tell them you have no knowledge of the debt and you want proof, not just some generic letter telling you the original creditor was. If they can't provide you with that they can't collect. |
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MsKnowItAll
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See when the last date of activity was, if has been 7 years write the credit bureau to have it removed. |
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tiuliucci
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There is no legal limit for attempting to collect debt. Most likely the company that you originally borrowed the funds from sold their old debt to a collection agency.
The agency will go after you for a while, but they will eventually give up. They attempt to bully enough people into paying the debts so that the agency makes money off the old debts owed to another company. Everything is for a profit these days.
If you are concerned about your credit report, unpaid debts can only stay on your report for seven years. The same debt cannot be reported twice. Therefor, whatever the agency tries, they cannot affect your credit.
Take care and Keep Ignoring Them,
Troy |
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peace
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get a loan and get yourself into more debt. Then go into drug smuggling for a year, pay that off and you're fine |
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