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anvil2768 | How long can a company chase you for money? |
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 |
 
NutstersChick
 |
13 years are there abouts.
depends what it's in relation to.
mortgages etc, it's 13 years,
for loan debts, it could be less. |
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bengimog
|
They will eventually take you to court - if they can't find you then they will just take action against your name which will damage your credit rating further. |
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fanella
 |
6years then its a dead debt |
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only1duk
|
read the contract :) |
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Stacia4him
|
Most companies will eventually turn your unpaid debt over to a collection agency; when would depend on the company and their policy on bad debt. However in the US each state has what is called the statue of limitations. This is the number of years that a creditor can try to collect on a debt.
Here is an example:
Lets say you owe Company X 10,000 dollars, after 6 months of not paying on it Company X turns it over to a collection agency and you receive a letter from them and phone calls. Lets also say you live in NC; for this state the statue of limitations is 3 yrs for certian types of debt meaning that three years from the last time you made a payment on this bad debt is how long the creditor can try and collect on this debt after that you need to send them a certified letter asking them to stop all attempts at collection because the statute of limitations has run out. |
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Steph j
|
6 years I think |
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Johnny
|
How many times have I answered this???
In England and Wales, if you have not made a payment or admitted to the debt within 6 years it is probably unenforceable. If the creditor gets a judgement (CCJ) it is enforceable at anytime.
If you make a payment (or admit to the debt) the clock restarts.
As someone else suggested, this applies to unsecured debts only. For secured debts (e.g. mortgage repossessions) the figure is 12 years.
if you want more, email me. |
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Rex
|
They can chase you until you die, at which time they chase your inheritors, or until you pay them the money you are trying to steal.
After about 7 years (varies by state) they can no longer sue you or try to press crimal charges against you.
But, there is no time limit on how long a person can try and obtain money that is rightfully theirs. |
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gavmel259
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Untill the debt is paid.
They could threaten you with court action and then possibly bailiffs.
Either of these two opions will incurr extra costs to original debt. |
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The_Informer
|
7 years after the debt went to court without further contact.
Forever as long as they can contact you by letter every year and that will keep the debt in hand.
If it is getting to much, just pay them £1.00 per month for whatever until it is paid and they can not chase you for any more. If you got further debts it might be better if ytou can go talk to a debt councillor at the Citizen Advice. |
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dels replies
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If it is a genuine debt I think they can chase you indefinitely. |
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ziggydiggy1
 |
How many miles to the border? |
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Manga
 |
depends on how much you owe
and if they want their money back |
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blenyuk
|
if its a huge amount go bankrupt 6 years later you can start again |
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