05-10-2015, 03:13 AM
|
|
|
Too lazy to wipe my ass
Industry Role:
Join Date: Aug 2002
Location: A Public Bathroom
Posts: 38,738
|
Quote:
Originally Posted by DVTimes
If you do not have contact with the credit firm for 8 years, then under UK the debt is written off.
|
6 years actually...
Quote:
If you haven't heard from an organisation you owe money to (a creditor) or acknowledged the debt you owe in any way for six years or more, you may not have to pay it.
Debts like these are covered by the Limitation Act 1980, which is a statute of limitations that provides time scales as to how long a creditor can chase you (the debtor) for an unpaid debt.
The Limitation Act 1980 only applies when no acknowledgement of a debt has been made between you and the creditor for six years for unsecured debts or 12 years for mortgage shortfalls and secured loans.
This law only applies to residents of England and Wales.
|
Out of Date Debt
__________________
👁️ 👍️ 💩
|
|
|