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Jophepha | Is there an 'expiry date' on bad debts? |
Old overdraught has somehow caught up with me? How did 'they' find me? And can I just tell them to get lost, as I think it's about 8 years old? (Oh someone please say yes!)
Additional Details
In the UK, btw. |
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Debs
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Ok, here is the exact answer for the UK, I don't know about the USA, sorry.
A debt expires when 6 years from the last date of provable contact is made with the person owing the money. For example if you incurred the debt in Feb 2002, in theory it expires in Feb 2008, however if the person can prove they wrote to you in Jan 2008 requesting payment, then another 6 years needs to pass for it to expire. Basically if no contact is made they do not have a leg to stand on in a court of law. I would imagine the bank have statements or letters on file that they can show in a court of law so you should pay.
Generally in a court of law, the court will stand by the individual provided they are making a reasonable effort to repay the debt, this can often be as little as £5 a week. I have worked in the credit industry for years and it is never worth getting a bad record unless you really cannot avoid it. If you already have one, then the amount makes little difference, a bad credit record is a bad credit record, irrespective of the amount.
The big credit firms, Equifax, D&B, Experian etc, will hold your records on file forever so this could be a black mark against your name for a long time. Infact if the debt has been in existence for this long you probably already do have black mark against your name. |
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darrin_carey
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The US is 7 years from the ORIGINAL due date of the debt or the last payment. UK should be similar.
Don't make a payment without getting a definitive answer.
Do not allow "them" to change the date. If you make a payment, you reset the date. |
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wonderingstar
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DEBS answer is correct for the uk. |
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Azul
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In UK .. limitation is 6 years .. if you live in UK you should see solicitors to clear your name off the black list.. |
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Kellie
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In the U.S the statue of limitations is like 7 years. I'm not sure of the U.K though Sorry hun. |
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katycorkarooney
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sorry i dont know but would also like to know as I am in the same position |
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Nigel S
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Sorry the answer is NO their are 4 main credit collation company's in the UK, the biggest being Equafax.
they hold all credit,Address histories on anyone who has ever applied for credit, Mortgage Etc.
Whenever you apply for or use credit, it shows up
Anyone can apply to them for credit history on an Address or Person the cost some time ago used to be a pound.I don't know about limitations to repay the debt, but as far as recording it, its there forever. |
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baby
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WELL IONO IF DEBT WILL EVER EXPIRE BUT I KNOW ON UR CREDIT REPORTS IT DOES USUALLY LAST BOUT 7 YRS THAT DOESNT MEAN THE COLLECTORS WILL HAVE FORGOTTEN THO! |
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Quizard
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I think it's 6 years in the UK. And that's why there is a limit on how far back you can claim back bank charges. |
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LYNN W
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I don't know about the UK but here in the USA yes there is and it averages 7 years depending on the type of debt. It is worth looking into and getting an answer you know is right. |
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Unbiased.co.uk Find an IFA
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There are two major Credit Reference Agencies, Experian and Equifax, who hold records on your credit for about six years. After that time, any blemishes will not appear to the outside world. However, your debt is still owing and I do not think that you can claim that it is not, due to the eight years passing. If you appear on the Electoral Roll, then there would be little difficulty in tracking you down.
All info was correct at time of answering.
To find an IFA who can provide you with further advice on investing/tax/etc call 0800 085 3250 or go to http://www.unbiased.co.uk. |
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Mikey
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Im saying No. I work in bankruptcy and some people who i deal with come in have included debts in there bankruptcy that are from the late 80's and older.
Sorry |
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horsemanspal
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there is an expiry date on debt..the fact that they have caught up with you tells me that the date is fast approaching or has passed.do not make any payment ,however small untill you have asked advice from the citizens advice bureau,as once you hand over a payment then that sets the date till the next expiry. |
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katie d
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overdraught means you owe the bank actual money that they paid out on bad checks right? thats not debts like credit that is real cash lost and I think it is a crime. I would say they can come after you for as long as they like. |
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Thin Kaboudit
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Let's say I borrowed $1000 from you in 1973, and never paid you back. Now I am rich. ($1000 invested at 7% would now be worth roughly $13,750
Do you think I should pay you back? Or would it be okay if my lawyer told you to "get lost"?
Time does nothing to erase debts....they just grow... |
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CHRIS V
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The statute of limitations for the state of Ohio is 15 years to collect a debt. You would need to check your state laws (The state you were in at the time of origination). Most of them are many years. Oh, and how they found you....It's called skip tracing and there are many tools at their disposal to find you. For example, one of our skip tracers at our bank can just plug your social in and get all of your addresses, relatives, known associates, licenses, vehicles, voting registration, just about anything they need. They will call relatives, neighbors, and known associates until someone gives you up or they verify they have a good number for you. |
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wv
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You made the debt, you owe it. It is your until you pay it back. If you were to die, it then can be enforced and your family can be responisble for it. Grow up and take care of what you owe. If soemone owed you money, you know you woould be there demanding it be paid back. |
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