electrol roll

DarkConvict

Moral argument is to always repay back what you owe, although if they start adding stupid charges, being threatening, and causing harassment then it kinda goes out the window. We never advise people run away from debts.

The financial decision, really is wait another year so it goes statute barred, it will put you in a stronger position.
Im surprised they have not found you although they do sometimes wait until year 5, im sure the computer must flag it up or something. As each credit application you make will have address details and poses a chance to link you to previous debts.

Also, if the bank took out a CCJ against you, the debt will not go statute barred.

If the bank contacts you once the debt has gone statute barred you could clear your conscience and make a settlement offer in the knowledge they cannot take you to court. If they refuse the offer simply do not pay and they cannot chase you as it would be unlawful harassment to chase statute barred debts.

The thing to remember about the credit crunch, is it is a mixture of responsibility. Between banks lending money to people who could not afford to pay it, but also those who did not pay money back. Unpaid debts are not assets and get recorded as losses, and banks had to be bailed out by the government.