The 6 year issue.

MeMyself&Eye

Hello. My situation is quite dire and I need to make it improve. I have been off work sick with bipolar disorder since 2001. Prior to my illness I was financially responsible and relatively secure. When the illness struck my life fell apart. I developed cognitive problems and agrophobia. I buryed my head in the sand and have, for the past five years, had many telephone calls and letters from debt collection agencies. The pressure exerted by these agencies has led to a deterioration in my condition. I feel hopeless for the future. My question is, considering my initial defaults were nearly six years ago will these debts be cleared from my record when the six year period is up? Will the fact that I have discussed the matters with various debt collection agencies mean that the six years is extended? I would be grateful for any advice. Maybe I should go bankrupt, but I would find it difficul to find the money necessary to do this.

Broken_hearted

If you have been in contact with them then the 6 year rule won't help.

Prudent

What is the six year rule?

CLAPTON

can you say a little more about the interaction you have had with your creditors? e.g. have you paid them any money ...have you written to them ...have you phoned them? you you have any CCJs with them?


..prudent...
the six year rule is that ordinary debts are time barred after six years if there has been no acknowledgement of the debts during that time and then the debt is unenforceable in law.

phatbear

Prudent wrote:

What is the six year rule?

The short answer is if you have an unsecured debt which you have not paid for over 6 years, and had no contact with the people you owe money to or their debt collecting agency etc then the debt becomes statute barred, and therefore is virtually un-enforceable and it should drop off of your credit file.

All the best

The Bear

Me_Myself_2

Hey, I'm Me Myself. I don't know if I like having a 'twin'.