Does Credit Card Debt Go Away? Anyone Know?

climbintheladderouttadebt

umm... is this a joke? or a troll? sorry, it just reads as a mockery!

Hope to see op back and after some advice and not be proved right!

Tixy

JessicaBabe wrote: »

You are incorrect there actually.

I know full well how the limitation act works thank you but your debt is never written off in England & Wales (or NI for that matter) - it still legally exists, the creditor is simply unable to initiate court proceedings after it becomes statute barred.
So when the OP asked if it 'goes away' the answer is no.
In the UK it will take 6years till your debt is all written off and wiped from your record.
Nope doesn't happen
The 6years waiting period starts from the date you made your last payment towards the debt.
So if you are planning on taking this route you would have to cease ALL payments (even the £1s),
and just refuse to achknowlege the debt as yours for those 6years.

(And before all the goody-2-shoes people start having a go at me i should just say that imNOT giving this advice to the OP,
am merely informing them of the legal facts about debt being statute barred)

I personally am 3years into my 6years of waiting till my 12k is all written off,
and so i can tell you from personal experience that due to the size of your debt its extremely unlikely you would be able to take this option.

As you will get baliff letters/calls every week for the 1-2years,
if you ignore them all they give up then as itd cost them more to keep chasing and try court action when its clear your not going to/unable to pay.
If you actually have baliffs involved (not debt collectors) then you have CCJs, baliffs can only be appointed after a CCJ - so your debts won't be going statute barred.

However due to the size of your debt its very unlikely they would not try taking you to court if you own property/car.
Although if you're unemployed and rent not own your home things would likely be different.

You cannot get a Debt Relief Order as you have over £15,000 debt.

So the best and only real 2 available options for you are-

Pay £1 per month towards the debt till you get a job, then repay what you can afford.

OR

Get a bankruptcy order to write off all the debt,
but you will have bad credit for the next 6years plus can't ever own your own company. Also incorrect

Before you try correcting people it would be useful if you fully understood the law yourself.

The reason I didn't go into so much detail is simply because it doesn't even look like the OP resides in the UK.