Question about the 6 year rule

robti

Nothing specific but dropped into this part of the forums and was wondering if some one defaults on something and is a day short of the six years from it dropping off their file and the debt is sold on is that another six years to wait ?

Thanks

BugsyBrowne

robti wrote: »

Nothing specific but dropped into this part of the forums and was wondering if some one defaults on something and is a day short of the six years from it dropping off their file and the debt is sold on is that another six years to wait ?

Thanks

No..............

Buzby

The debt is still owed, but becomes Statute Barred preventing court action for recover and clock restarting by any other entity.

Only the creditor can restart the 6 years by formally acknowledging the debt BEFORE the expiry of the initial period.

guesswho2000

Buzby wrote: »

The debt is still owed, but becomes Statute Barred preventing court action for recover and clock restarting by any other entity.

Only the [STRIKE]creditor[/STRIKE] debtor can restart the 6 years by formally acknowledging the debt BEFORE the expiry of the initial period.

As amended. It's the debtor acknowledging the debt, which includes even making a token payment, which resets the clock.

fermi

robti wrote: »

Nothing specific but dropped into this part of the forums and was wondering if some one defaults on something and is a day short of the six years from it dropping off their file and the debt is sold on is that another six years to wait ?

Thanks

No. Should be removed from their credit file 6 years from the day of the default being recorded no matter what. Selling the debt on does not change that.

rosssanderson

I had a debt from Feb 2002 that sent me a phising letter in Oct 2008 8 months after the 6 years had elapsed, i just sent the statute barred template letter from this website as someone told me too and i was none the wiser, but my question is would me sending this letter set the 6 years off again? as i am getting the a letter from another company in December 2013 for this debt.

fermi

No, it wouldn't.

The letter does not acknowledge the debt. Plus if it was statute barred then, it still is now, as once barred nothing can "unbar" it.

Buzby

However, they are still entitled to pursue you by other means - especially as court recovery cannot happen. There are times folk pay up simple for a little space and quiet, but the law of diminishing returns applies !

rosssanderson

What's the law of diminsihing returns?

forgotmyname

The longer it takes the less they are likely to get.

If you have not paid them a penny in 6 years then there is little chance of you paying them anything. The longer it goes on the less likely it will be.

sirwiggum

Would it not just be the case that the name of the creditor of the original debt changes?

Similar to Egg becoming Barclaycard, A+L becoming Santander, HFC becoming HSBC etc?

In which case, the account on the credit file is closed after 6 years after the original default?