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annepatriciawebb | How long do umpaid debts last for? |
I have a friend who has avoided paying a debt for six years now - do they ever get written off I wonder? |
 |
 
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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numina_0
 |
I believe there is a statute of limitations for debt, just like most other things.
When it comes to your credit reports items can only be reported for 7 years. Bankruptcies are an exception, they can be reported for 10 years.
I would guess that an unpaid debt would fall under a breach of written contract.
Here's a web site that defines legal terms.
http://dictionary.law.com/default2.asp?selected=2012&bold=||||
I thought you might find it useful.
Also the best way to know for sure when something like this can no longer be collected would be to talk to an attorney who deals with debt collections. A question like this you could probably find a site that has a live chat options and not get charged anything to find out.
It might also depend on the amount of the debt versus the cost to take legal action. |
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hicapaul
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i think it's seven years. but her credit rateing will be very poor.
try experian or a site like that, it tells you what's on your credit rating |
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Pepper
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No they don't expire, they actually gain interest. And he could be arrested depending on the collection and the debt. |
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proud walker
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they might if they haven't been in touch at all to ask for the money. and if it hasn't been to court or been renewed. |
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ROBIN HOOD
 |
they are on file for life |
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on thin ice
 |
As in all things legal .. it depends upon the specific facts:
Starting point. What type of debt is it ? Normal consumer debts last for 6 yrs. Mortgage repossession shortfalls 12 yrs. After that the provisions of the Statute of Limitations comes into effect.
Next question has any form of acknowledgement been made by any person owing the money, eg. if joint husband and wife debt, if one acknowledges it binds the other, and the six years starts from the last acknowledgement. Acknowledging the debt includes making any payment or even just saying sorry I've got no money.
Next question - is there a county court judgement ( ccj ) in existence, the six years runs from the date of the judgement and after six years enforcement needs the permission of the court to proceed. Therefore if the ccj was taken out just before the six years, there is another six years to enforce it in.
VAT and Tax evasion debts, no limitation on proceedings.
There is of course nothing to stop the person owed the money asking the debtor for it and the debtor paying for all the obvious reasons or morality, better future credit ratings etc. etc. |
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lhccpunkass
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Yes and no. The bank/ orginization that you owe the debt to will pay off the debt eventually so that they "zero", but that does not mean you are in the clear. After a certain period of being in debt they will report you to the credit agencies and it will make it near impossible for you to get any kind of credit from that point on. In essence the only way you are really getting away with it is not paying "actual" money, although you end up paying dearly in so many other ways. Debt is the worst. If you don't have the money don't buy it. Live frugally if you need to and be smart about your expenses. We seem to have such a problem with this in our day and age. |
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bugaboo
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My sister's did after about 5 years. |
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*****
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Yes, they do get written off, and there is a statue of limitations on how long a time period you can collect on it. Maybe this is what your friend is hoping for. |
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D and G Gifts Etc
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It really depends on the company that she/he has the debt with. If the company chooses they can write it off as a loss. If they want to keep the debt all they have to do is resubmit it to the credit agencies. Tell your friend to consider bankruptcy. It was the best thing that I ever did. I had tons of medical bills from when I was 18. They were over 250,000.00. I could in no way pay these off. I filed bankruptcy, 3 months later I started rebuilding my credit. 4 years later I have a credit rating of 760. I just bought my first home and a new car. It can be done if you work hard at it. |
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Osiris Cross
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Normally after 7 years, they are removed from one's credit file, however there are conditions in which a company may apply for it to remain, though I've never heard of this happening.
Likewise if you actually do pay a debt, once it has been reported, it will not be removed from your file, but merely updated to a 0 balance, and remain for 7 years, just as if you hadn't payed it at all.
Of course, it generally looks better to have a 0 balance than a balancing owing.
Additionally many companies do not report.
If it has been reported, however, it will remain there for 7 years affecting your credit rating. |
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beth
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As everyone says, it depends. Each state has a little different statute of limitations. I'm assuming it has gone to collections.
Generally, collections last for 7 years (and some odd months) on your credit reports. However, there are some little tricks that collection companies can use to make it stick a little longer. If you pay them even 1 cent or make a "promise to pay", they can do a reaffirmation of debt. As I found out, this little beauty is the same code they use when a person goes through the bankruptcy process. Bank Computers get confused! Even if you never filed for bankruptcy, a reaffirmation of debt can screw you out of a re-fi, mortgage, or equity line!
Here's my experience with a collection agency:
When we got married, my husband had some old medical collections. I looked into them, saw a collection agency reporting a $500+ account and I had a statement from his insurance that they paid 90% of that $500+. The tricky collection agency was illegally reporting the full amount of the original debt, when they should have only reported 10%. When I called them (mistake), they would not take a 10% payment only for the full $500+. So, I contacted the original creditor (a hospital) and dealt with them, paid the 10% owed got a receipt and a written promise that they would report the debt satisfied and have it removed from his credit report (removed not entered as paid). The collection agency is still reporting the full amount as a debt; I'm still fighting it.
Morally, you should pay what you owe. Financially, it can cause problems on your credit report for 7 more years after you pay. |
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dazdncrazed
 |
The answer would really require more information, IE: What the debtors contract states, with whom the debt is and what kind of debt it is. |
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Sean F
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Till they pay them no they are not written off. The more agencies the creditor uses the higher the debt spirals to. |
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jeanimus
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If she has had no contact with them for six years, she could wait until they next contact her, and claim that the debt is unenforceable under the Limitations Act (ie the creditor cant take court action). If they accept this then she cant be taken to court, and so doesnt need to pay. But it depends on other things as well so shell need advice on it from the cab or solicitor. |
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PETER M
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no it wont they will soon get caught and have to pay it all back with intrest |
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BIG D
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Morally, until repaid.
As you know most businesses make provision for 'bad debt'
What the means is that the business costs are passed on to the customer - you and me !
If they are the sunject of 'bad debt provision then the company may not seek payment though I worked for a local asuthority who notified such debtors and some of them then paid up !! |
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Little Miss
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If you are in England, yes they do, but not automatically. They will only be written off if your friend has not admitted the debt is her for at least six years. They have to prove if she has admitted the debt. They may be able to do this is your friend has written to the debt collection agency, or made a payment (no matter how small). If she has just had phone conversations, there is no way they can prove they have spoken with you friend so this doesn't matter. However, if your friend has moved and the company does not have her new address, and this is the reason there has been no contact this does not count. Do some searches on the internet for more information. If they try to claim the debt your friend can contest if the above applies. Under the data protection act your friend can insist on getting a copy of her file. This will contain details of any correspondence. They have to give you this by law, but by her writing and asking for this information, she is not admitting the debt and will not ruin her chances of getting the debt written off. x |
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Nedra E
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some do, but a person who's chosing to run out on a debt for 6 years is not anyone I would want to do business with.
Reputable people find a way to pay their debts if they don't file bankruptcy. If she doesn't file bankruptcy, then she still owes and should pay the debt.. |
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