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Uchimataman | Is there a time limit after which a debt cannot be claimed? |
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claimbankchargesback
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This isn't as clear cut as people think.
Basically, that statuate of limitations means that in the UK, if there has been no contact between the lender and debtor for 6 years, then the lender cannot take the debtor to court to get the money back.
They CAN however, still chase you for the debt, ie send letters, phone you etc. However, if you decide that you aren't paying, then because court action is ruled out, there is nothing really the lender can do.
A debt is a debt, and after 6 years, you do still owe the money, and should pay it back, its just it becomes unenforceable, so most lenders give up at that point.
A lot of debts are sold at the 5 1/2 year mark by the lenders to debt collectors, for literally pennies. The debt collectors will then come down on you heavily to try and get you to pay before the 6 years is up. If you can drag it out to 6 years, then theres nothing they can do. |
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Ah!
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HI!
In England, Wales and N. Ireland, there is a time limit, usually six years on starting legal action to claim money owed.
The time limit runs from the date from when the last time the debt was acknowledged or the last time a payment was made.
However, there are no time limits which stop HM Revenue and Customs from collecting tax once the initial assessment has been made.
While, as a very general rule, there is a twelve year time limit on action to recover land and the principal sum of a mortgage (although arrears of mortgage interest are subject to the six year rule), the issue of mortgage arrears is extremely complex and specialist advice should be sought.
Hope this helps |
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Studly
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I need to clarify SciFiDiva's answer.
"The expiration of the SOL does NOT prevent lawsuits except for 3 states - CA, MS and WI."
I'm not certain of what she is talking about without searching this...can I assume these three states have passed laws preventing filing a lawsuit when it is KNOWN that the SOL has run out?
The truth is that, yes, a creditor can file a lawsuit if it's over teh SOL. It is up to the debtor to go to court and give an "affirmative defense"....which means he tell sthe judge the debt is too old to collect. The judge will immediately dismiss the lawsuit.
There is the problem.....there is a lot of debt collectors to purchase very old debts for pennies. Then they go after debtors and in many cases file a lawsuit. They are hoping that the debtor doesn't know their rights, and doesn't know about the Statute of Limitations.
In many cases, the debtor doesn't show up in court, and the judge issues a default judgment. Remember, if the debtor does NOT give an "affirmative defense" he will be lose the lawsuit.
These junk collectors count on this, and they make a fortune collecting old debts. This is why it's so important to educate the public on this basic right, and how to defend yourself.
I hope this clears things up. If I'm wrong, perhaps SciFiDiva can elaborate a little bit. |
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scifidiva
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Yes, and no.
A debt collection can TRY to collect for forever, the debt never 'goes away' - unless you file for bankruptcy and have it discharged.
The Statute of Limitations (SOL) for LEGAL action to enforce collection of that debt will give you a defense to have a lawsuit for a collection thrown out. The expiration of the SOL does NOT prevent lawsuits except for 3 states - CA, MS and WI. If you are sued, the expired SOL is an affirmative defense that you must use, or you lose it, and can stop the lawsuit.
You must know what your state's SOL and for which type of debt. You must also know EXACTLY when the date of last payment was, as that date starts the SOL period. |
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Happy Murcia
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In the Uk it is 6 years since the last time they actually contacted you,,12 years for a mortgage debt,,,check out the free leaflet available from the CAB "Dealing with Debt" |
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civicnitro
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I think the Statute of limitations runs out in about 20yrs. If you've got a debt then you should pay for it rather than to pawn it off on the public. |
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mikeec79
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6 years without contact. 12 years for mortgage debts. |
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Ya-sai
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No. They will come after you until they get their money |
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Dzo
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Hi,
Lenders will continue to harass you even if there's a time limit. It's better to live a debt-free life by learning how to settle them at ease without pinching our wallet too much. You can visit http://www.cashguru.info and learn some tricks for dealing with debts. Good luck! |
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mailbox_5
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here in the USA, its 7 years, and it will be cleared |
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administration
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if a court found in favour of the creditor how long is the creditor allowed before an attachment to earnings is implemented can it be implented some seven years after the hearing |
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