We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

When does debt die?!?!?

sindy_2
sindy_2 Posts: 298 Forumite
in Debt-free wannabe
Can someone answer me a question?....I was led to believe that a few years ago...finance/debt would be quashed after a few years if they couldn't recover the money owing from you?

But Now I have heard that they can still chase you years ahead...I.E, The debt never dies anymore?

Can someone clarify this please?

thanks
:DDistant fields will always look greener.
Yet, golden opportunities are all around you:D
«13

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    you may find these two sites of interest

    http://www.hmrc.gov.uk/manuals/IHTmanual/IHTM28384.htm



    http://www.payplan.com/debt-library/joint-and-several-liability-the-limitation-act-1980.php
  • Sisyphus
    Sisyphus Posts: 293 Forumite
    crazy question, why would someone not expect to pay back what they borrowed?
  • sindy_2
    sindy_2 Posts: 298 Forumite
    Sisyphus wrote:
    crazy question, why would someone not expect to pay back what they borrowed?

    I don't see how this is a crazy question?

    I didn't mention anything about the expectations of not paying back an amount of debt that was borrowed!

    I merely asked the expectations of the lender and the time limits of quashing debts...
    :DDistant fields will always look greener.
    Yet, golden opportunities are all around you    :D
  • nomoneytoday
    nomoneytoday Posts: 4,871 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Statatory limit is 6 years after the last contact..
  • rog2
    rog2 Posts: 11,650 Forumite
    10,000 Posts Combo Breaker
    Depends also on the debt - mortgage debt is 12 years, although not always enforced.
    I suppose the debt never really dies - it just becomes unenforceable.
    I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
    If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.

    HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7

    DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
  • sindy_2
    sindy_2 Posts: 298 Forumite
    Thanks for that..it seems theres no cut n dry cut off point
    :DDistant fields will always look greener.
    Yet, golden opportunities are all around you    :D
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    yes it is cut and dried,
    but varies for different debts..if you post your type of debts and the situation then more specific advice can be given
  • sindy_2
    sindy_2 Posts: 298 Forumite
    Ok.....My elderley Mum and Dad have recently been contacted by a debt recovery agency...they said that they owe £700 pounds from 10 years ago....they are claiming that Mum and Dad bought a PC on finance at that time and only made one payment against it then never paid again.

    They can't recollect buying the "PC" and if they did (and have forgotten about it) buy it.....that's why I asked my question iniitally.
    :DDistant fields will always look greener.
    Yet, golden opportunities are all around you    :D
  • pattiemay
    pattiemay Posts: 238 Forumite
    Part of the Furniture Combo Breaker
    Don't know if this helps, but my uncle went bankrupt 9 years ago but managed to keep the house and has paid the mortgage ever since. Two months ago he got a letter saying they are forcing the sale of the house and want the money
    :confused: you are as you are, if you aren't as you ought to be.
  • sindy_2
    sindy_2 Posts: 298 Forumite
    pattiemay wrote:
    Don't know if this helps, but my uncle went bankrupt 9 years ago but managed to keep the house and has paid the mortgage ever since. Two months ago he got a letter saying they are forcing the sale of the house and want the money


    No it doesn't help sorry...but I'm very sorry to hear about your uncle!....thats awful x
    :DDistant fields will always look greener.
    Yet, golden opportunities are all around you    :D
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.1K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.1K Work, Benefits & Business
  • 603.7K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture