Is there a time limit

alwaysskint96

That you can be chased for debts? Someone told me that after 6 years companies cannot persue you for debts but Ive not been able to find out whether this is true or not and Im curious now

kathfisch

I believe after 6 years without any contact from either side the debt is deemed to be unreclaimable. But that is only if there is no contact or admission of ownership of the debt I think.

Someone very knowledgeable will be along in a mo!

CLAPTON

depends upon the type of debt
what are the details?

southernscouser

There is a 6 year rule!

However, I can't remember whether it's just 6 years of you not acknowledging the debt ie, them sending you letters but you ignoring them, or 6 years of having absolutely no correspondence ie, you move house and they can't trace you!

Someone who knows 100% will be along soon!

Bothered!

Knew someone once back in the 80's who got away with a large sum by moving about and not admitting to the debt, when they caught up with him it was over 7 years later and although it went to court he got off with not paying a penny! wife 3 kids and no free income!

Then still managed to get another mortgage too! also drove without a full licence for 7 years, got insured etc but had not passed his test...clever chap!

Often companies who are owed can't justify the time to track people down and threaten bankruptcy when they know they stand little chance of recovering their debt.

mrbadexample

Bothered! wrote:

also drove without a full licence for 7 years, got insured etc but had not passed his test...clever chap!

That's only clever until he runs into your wife and kids because he doesn't know how to drive. :rolleyes:

Bobsworlduk

mrbadexample wrote:

That's only clever until he runs into your wife and kids because he doesn't know how to drive. :rolleyes:

Exactly.

If he was so clever why was he forking out money on insurance that was invalid anyway.

CLAPTON

<i>
There is a 6 year rule!

However, I can't remember whether it's just 6 years of you not acknowledging the debt ie, them sending you letters but you ignoring them, or 6 years of having absolutely no correspondence ie, you move house and they can't trace you!

Someone who knows 100% will be along soon!

</i>
southernscouser
ok so what is the rule for :
: debts associated with mortgages?
for court judgements?

Bothered!

Truth is he was an excellent driver, and it was company car insurance !
He took his test and passed with flying colours after his court case but did have a polish licence from memory ?

Anyway the point was he got away with the debt!!

southernscouser

CLAPTON wrote:

ok then as you know so much
:
what is the rule for debts for mortgages?
for court judgements

Hang on a minute mate don't start getting all shirty coz we had a difference of opinion on another thread. That is absolutely no help to the OP!

The OP made no mention of the debt being a mortgage. Had it of been they probably would have lost their home by now!

I may have been wrong to "assume" but your comment is of no help at all. If you can't post something positive or helpful don't bother posting at all.

CLAPTON

the question was 'is there a time limit for debts' the answer is it depends upon the type of debt...some debts have no time limit , mortgage debts have 12 years...the OP didnot say what type..I merely asked what type...you replied making assumptions...on this board my view is always to assume nothing but ask for clarity... your view is different ...that OK by me