Keith
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no |
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srufc5678
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After 6 years normal debts are statute barred and companies cannot harass you for payment providing there have been no payments or you have put anything in writing acknowledging that debt in that time . For a mortgage the time is 12 years with the same rules applying . There are pre written letters that you can find online that you can send to creditors if you have these problems . They will accept these letters , look into it and get back to you with what they have found . |If they cannot prove you have had contact in the time thay have to leave you alone or you can claim harrasment . |
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Wife~and~Mom
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Statue of Limitations on a debt varies from state to state (in the USA)
In PA, the statue of limitation is 4 years. And everywhere it will take 7 years for it to fall off of your credit report which is a different subject all together.
Debt collection is a 15 billion dollar per year business and they make that much b/c we as consumers don't know our consumer rights and laws.
Google all of these topics and you will learn as I did.
Paying on an old debt only validates that you owe the money and then they can put it back on your credit report for another seven years! |
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bugaboo
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apparently no.. |
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confucious says
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such conflicting answers most untrue
1 the tax debts only go back 6 years not indefinetly
2 bankrupcy in some cases you are grabted a discharge after 12 months
3 any absence of contact from your debtor for a period of 6 years absolves you from any liabilty
4 any adverse reports on you credit file stay on for exactly 6 years
5 a IVA last for 5 years but will remain on file for exactly 6 years after completion
6 if you dont own your house and a car you can in theory ignore your debts because the creditors have no real way of obtaining satisfaction for your debts.
7 never ever reply to letters from creditors re any debts you may have it starts the 6 year rule all over again.
8 always get your telephone number changed as soon as debt becomes to much
9 never pay any debt consoldation company to get you out of debt, thre are companies out there that do it free see the local CAB for details
10 never ever fall for the second mortgage consoldation loan route if you own your own home the only thing this does is delay the obvious and costs you alot of money in the meantime
11 remember the creditors may lump you up wih all kinds of silly charges dont worry if they do, this is because once thye start to lump you with up charges it is because they are going to write the debt off against tax in the near future.
12 most off the large companies also sell the debts to debt collection agencies. if they have done so the actual amount you actually owe the company is reduced bt the amount they have recieved for the debt.
13 if you intend do pay eventually always wait for the inevitable letters offering you a chance to pay off the debt at a fraction of he orginal value in some cases 75% less than the original debt
14 and finally the answer to your question debt is cancelled generally after a period of 6 years |
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wayalook
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debt is never cancelled. its always out there. all states have statute of limitations. mine is 7 yrs for cc debt. after that they can not sue. but still harass. bad things fall off report after 7 yrs. unless you or collections illegally reage the debt. either way it is always there until paid. |
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the dead cat
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Not neccessarily. I am unsure which kind of debt you are speaking of. Is it personal debt you wish to elliminate, or bankruptsy debt? If personal debt, my advise would be not to go through a company with advise to clear all your debts easily. There are often hidden clauses which can create a less benificial result. I would suggest you contact The Consumer Credit Councilling Services (www.cccs.co.uk) for a Workable Debit Management Plan.
Bankcruptsy is an alternative depending on the amount, your personal situation, and kind of debt in question. This should be the last resort. Do not consider it until you delve into all the aspects of it first. Make detailed enquiries.
If you are talking about bankcruptsy with regards to your 5 year term, it depends! If you are found to be to blame for your debt, there are restrictions which could be implemented that could result in a 2-15 year period before all cancellation.
the dead cat |
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smilie9862
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no, it is not always, and your credit history can follow you for many years |
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huffy
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Debt can be cancelled after 5 years, but and a bit but is that it comes with consequences,
eg: if you take out something called an IVA this will clear your debt cancel interest and you only pay back half the debt and your debt free after 5 years.
the only problem is an IVA is a Individual Voluntary Arrangement and this requires voting from creditors and your debt going through the courts, similar to bankruptcy but not the same, your debt is then controlled by a supervisor and you can't obtain any kind of credit for the five years and you have to send your wage slips of pay supervisors fees and other fees to the courts.
When the Iva's finished your debt free, but you still get a very poor credit rating for the next 5 - 6 years also you can't have a mortgage or and overdraft or a credit card.
That's the only way to get your debt cancelled in 5 years |
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jeff hall
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In the UK it depends on what type of debt it is.
Most debts arise from a contractural obligation to pay for goods or a service. Under contract law the plaintiff generally has 6 years from the date the cause of action accrued (when the debt was due) to sue. After that period the plaintiff is barred from suing under the limitation of Actions Act. |
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reneantonioarquiza@yahoo.com
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debt is a contract between two parties whether written or verbal but unless there is a stipulation in the contract that after a relapsed of 5 years of non-payment of debt it is terminated then maybe it can be cancelled... it really depends on what is stipulated in the contract. |
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Scarlett
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No, it's six years. |
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Dark Crusader
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NO... trust me for sure. My EX wife spent £'s on credit in my name without me realising, 8 years later i got collared by debt agency and ended up having to remortgage my house to pay £15k back even tho the court proved that i had moved out of the marital home previous to the debts being made. She forged my signature and through a good solicitor manged to get all the interest removed, otherwise i would have to have paid a lot more |
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dali333
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no, debt is not cancelled after 5 years. debt is never cancelled until paid or forgiven.
after 7 years debt will no longer show up on your credit report. |
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MICHAEL B
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Certainly not if you owed me, why should anyone get away with debt, it just puts the burdon on to people who pay their debts banks don't care were their profits come from if you don't pay it will cost other who do more, like fraudulent insurance claims |
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ANF
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The debt is there for ever until paid, including the interest. The only way to stop a debt is to make yourself bankrupt. |
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CROCIATO
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UK answer:
If you mean debt to creditors, after a bankruptcy order has run for sixty months any remaining debt is cancelled.
The same is true of an IVA (individual Voluntary Arrangement). After 60 moonths the rest is gone, effectively it is 'gone' when the IVA begins as long as you stick to the agreement for the full term.
The other salient point, is that a debt can no longer be pursued if the creditor has let a period of 36 months lapse without making confirmed contact with the debtor.
Hope this is what you meant?
Cro xx |
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Julia H
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No, so don't go on a silly spending spree. Tax Man can go back indefinitely. Other creditors, may give up after 5 years and waive it. But then again, they might not. Depends on how much they are after. |
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Fallen Angel
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No why should it be?
If you buy things you can afford to pay for and get into debt, you get to keep them more than five years so why should you not have to pay for them? |
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mikemccrackencs
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No, this started in the book of Leviticus in the Bible. It was 7 years then, and it is still 7 years.
It is funny how some things never change now matter how long time moves on. |
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redfernt
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We are currently struggling with dept so are considering an IVA. Before we proceed we wish to ensure the debt will be wiped off after 5-6 years. Howver in the Poposal the wording makes it sound like we may have to re-morgage the house after this period. There is colateral in the property so can anyone advise us on this before we proceed. |
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