brayden g
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A bunch of the answers relate to the UK, but I will answer for America.
You are asking about 'statute of limitations" which only refers to the period through which a creditor (or their representative collectors) can legally sue you...
It varies state by state.
Another important issue that arises with old debt is the statute of limitations (SOL). The statute of limitations the time period in which a creditor must file a lawsuit against a debtor to collect on an unpaid debt. Each state has its own statute of limitations; for example, in California the Statue of Limitations is four years. If the SOL has expired, you have an absolute defense against any lawsuit a creditor or debt purchaser files against you, but you must file an answer to assert your defense. Otherwise, the court will not know that the SOL has expired, and will likely grant the creditor a judgment against you. Check with an attorney in your area to find out the SOL for debt collection in your state. If the SOL has expired, you may want to send a letter to the collector demanding they stop calling (they are required to honor such requests by Federal law)–the collector will simply not be able to collect the debt.
However, keep in mind that the SOL for collection of debts and the time period that they can stay on your credit report are different. Accounts can be reported on your credit report for seven years from the date of last payment. You may be able to get them off faster if you dispute the debts and the creditor is unable to verify them. Even if you cannot get them off with a dispute, if your state’s SOL for collection of debts has already expired, it may be worth it to wait a couple more years for the accounts to come off your credit report on their own.
Here is some more good info:
http://www.bills.com/blog/credit-report-question-and-dispute
http://www.bills.com/debt-help |
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mickyg
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in england yes, anyone wanting moneys has to contact you within six years, they could wait say five yrs and 11month, then you will have another six yrs from that date |
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robert c
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You are correct!In the UK 6 years1 |
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MoonRose77
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After six years as long as you have not acknowledged the debt, made any payments towards it and have not contacted the company yourself in regards to it then it becomes statute barred. At this point it makes no difference if the debt is sold to 30 different companies it has become unenforcable in the eyes of the law (england) and cannot be taken to a court in order to obtain the money. |
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Justa Bloke
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In English law, no-one is liable to their debts after they are six years old even if someone buys them. |
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'Sunnyside Up'
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SORRY!!!!! No such luck. If you owe someone, you will have to pay it all or face charges, sometimes even in court. If you are way in debt, then get credit counseling. They can at least lower your interest rates and help you get it paid off earlier. But once you accept their help, you cannot charge anything for any reason until all your debts are paid. But you'll be debt free by then at least. If you don't go that route, you can file bankrupsy but even in those cases, you are still liable to pay those people you owe, it just gets them off your back and the courts then decide on what you will pay back and how much and when. But then you cannot buy a house or charge a thing for 7 years and your credit goes down the drain because even after that, no one wants to take a chance on you. There is NO EASY CURE for being in debt. In Biblical days, there was a law that stated that if you owed someone that it was void after 7 years but this is the modern age and no company follows that rule. If they did, everyone would charge the limit on every charge card and pay the minimum until the 7 year itch was over. That would kill the economy for good because what you pay back is what they pay their employees with and also purchase more things for their company with. If you don't pay them, they can't supply their stores for others to purchase. |
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topguntony
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It varies.Just when you apply for some credit just put down you want toreestablish your credit.This is important. |
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joleen19842006
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if you have debts then you should pay them.If you are having difficulty then seek proffessional help |
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llnlln56
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In the united states it's 10 years. |
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gwen
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im in the states and ive heard that too but some of my debts are from when i was 18 and im 26 now and they are still there just with a different company |
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imagirl
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It depends what country you're in. In Aus it lives for 6 yrs. |
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frankybaby_1
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ive heard something like this.. i hope so ! x |
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Steph
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They cant chase the debt from 6 years from first contacting you about it. It just gets written off as a bad debt. |
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