If I ran up a lot of debt, whats the time period before Im in the clear if I dont pay it back an Im not caught

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whats the klegal action bit all about then ?

no one has a clue how to deal with debt until the people go through it there selves. i was Â£30,000 in bebt frightened to answer the phone wondering weather i would come home and my house still be there.

1st hit the probroblem head on, work out all your income, even the creditors that you think have been forgott.

write to them do not ring. do not give them your telephone number. if a creditor rings you or comes to your door it is a form of harasment, and is illegale in england.

2nd you are protected by the consumer credit act.

3rd creditors want there money yesterday.

4th to get out of debt priorites. that means food bill areas in that order.

5th whilst dealing with creditors say you do not work you get half of what you realy get, they never check. due to data protection they can only go of your word.

6th they can not take anything on h.p like a car with outstanding finance on it. however the finance company can appliy for a compulsery purchas order throught the corts, if you can proove you need the car they can not take this off you.

7th all catalogues will accept Â£5.
8th debt under Â£5,000 will accept 10% of the outstanding balance as long as you entre an arragement to pay.

ccj stay on you credit file for 6 years and then they are wipped away however your credit never is the same.

if you have fallen ito arreas council tax you can start paying this years tax and come into a volentry arrangements with the bayliffs, the bayliffs will onley come round if you ignore there letters.

if you are unemployed you can declaire yourselfe bankcrupt, but i would never recomend this.

i ran up my debt by taking loans to pay of debt, and credit cards. i even cashed Â£3,000 of cheques from the bank.
i mooved and changed my name.

i got a letter from the bank threting to make me bancrupt. it was then i realised its time to wake up to my creditors and stop running.

i did a v.r volintory arrangement, some creditors accepted straite away. some refused and to thoughs i thretend to sue them for incured intrest and take them to cort .

after 12 months i was finacley better off my health was a lot better.

i finley got invited in to the bank were they offered me a concilidation loan as i had kept to my payments.

i paid all my creditors and areeas off still had Â£500 for my self ., and instead of paying Â£900 a month back to seperate creditors i payed Â£115.00 for 14 years i was able to concentrate more got promotion and now earning loads.

this is a true story you do not know untill you done it . i did it and i got out of it .

you can to. and i wish you all the luck in the world, if you want any more information, just e-mail me and i will give you more sound advise.

hope this has helped you. +++++++++++++++++

6 years, but indefinite if legal action is started !

JUST PAY THE MAN ITS ONLY A COMMERCIAL

Most big firms will sell the debt onto debt collectors,if you are working and not on benifits they will use a ccj againts you and send baliffs.you will not be able to hid from them.they will take your car etc for the debt.if you make yourself bankrupt then you will not have to pay it back providing the courts didnt think that you just ran debts up to rip firms off.

I don't think that is wise...not only will your credit be wrecked, you will have interest added to the bills. I think it is time to put on grown up pants and pay your bills!

There is no period where they will be wiped, there are plenty of firms who will buy the debt & keep pursuing you adding interest all the time. They will catch up with you eventually but you will owe loads more by then & your credit will be wrecked.

The only way they get wiped is if you go bankrupt but to qualify you have to prove:- 1) That you have tried to negotiate with the companies you owe. 2) That you didnt just deliberately run up the debt. 3) That you did all you could to stop the interest esculating once you realised you could not pay. 4) That you did not buy anything extravagant after you realised you could not pay. 5) You have to sell everything of value that is deemed not a necessity to raise what money you can to offset against your debt.

Dont think there is an easy way out - they have got wise to that one. You need to stand up & face your responsibilities now or one day these debts will bite you on the a**e years ahead when you least expect it & you will be paying forever.

I don't know where some of these people got there info before they decided to answer your question but here is the real answer ( I researched it, for myself).

There is a statue of limitation for written contracts (credit card debts) and it varies by state, you can find the list on suzeorman's website or the attorney general's website for your state. For Illinois it is 10 years and for Florida it's 5 years. What this means is, after the statue of limitations, they can no longer pursue you for this debt, they can no longer do anything to you. However before the statue of limitation expires they can sue you and have a judgment placed against you, and then can garnish your wages and whatever bank accounts you may be holding.

You may file bankruptcy without negotiating with your credits or any of that stuff that other person said. You will have to take a means test to see if you qualify to file bankruptcy under the new laws. If after all housing deductions, you can still pay $100 a month to your creditors you do not qualify to file.

For all your credit questions you should visit suzeorman.com She have a lot of useful information on a creditors right.

time will clear the debt 7 to 20 years depending on what you signed. but by the time the bad history clears you will have cleared off the system too. if any debt was run up with certain people you may never be free

Can you not declare yourself bankrupt? I think that you have been very irresponsible. There will come a time when you need a mortgage or credit for a car and you will not be able to get it. You could miss out on some fantastic opportunities because of this.

You cant hide from it, because you wont be able to live a full life. What if you meet a woman who you want to settle down with?

You will get caught.

Not sure how you run up all this debt but claim that you have nothing...what kind of debt did you run up?
At one point credit must have been important to you (since you were able to apply for and run up the credit) do you think that there might be a time when you will feel this way again?
I think that you are giving up quite a bit to not pay a bill.
But this is your right , but do consider that it will be a waste of a life if you 'run' for three or more ears only to have to yourself get caught later.....
when you do decide you want to work and have a place that is NOT under an overpass

You will get caught in the end, trust me

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