Is there a time limit for debt?

eli12

I have had large credit card debts with several banks for about 5 years. I managed to negotiate a payment plan with some of them which I am still paying. Some of them never agreed to the plan ( had no income and could only offer £1 per month) but I have continued to pay the sum. I no longer receive letters from them after a long spell of threatening to take me to court. I have a foreign address so maybe that's why they have given up with the letters. My question is - should I continue to pay these small sums to the banks who are no longer in contact with me? I will never clear these debts at £1 per month but if I stop will the letters start again? Thanks in advance to anybody who can give advice.

bottleofred

Hi eli12,

I would stay if you stop paying them, despite living in a foreign country they will try to contact you again. It's entirely up to you whether or not you stop paying them though. Mind you, by paying for 5 years you can forget about the debts being statute barred for another 6 years, so it's very likely debt collectors will try to locate you.

Good luck whatever you decide

eli12

Thanks for your reply Bottleofred. Do you mean after 6 more years of paying I can then forget about it? I thought maybe it was so many years after all contact ceased?

bottleofred

Hi eli,

A debt becomes statute barred 6 years after the last acknowledgement or payment has been made to it (5 years in Scotland). Even though you live abroad though, don't think the debt collectors won't try to find you. From personal experience, they are very persisitent (although I was never abroad).

Tixy

If you stop payments your creditors will almost certainly start chasing you again. They might even decide to take you to court for repayment of these debts.

If you stop paying as red says they would have 6years to chase you or decide to take you to court.