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is there a time limit on unpaid credit card debt?
gibby4
Posts: 25 Forumite
I live in scotland and wondered if there was a time limit for banks to claim back unpaid credit card debt. I have owed £2000 to a bank for 5 years.
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I live in scotland and wondered if there was a time limit for banks to claim back unpaid credit card debt. I have owed £2000 to a bank for 5 years.
Provided you have made NO PAYMENTS and have initiated NO WRITTEN CONTACT, regarding the debt, to the original creditor for a period of FIVE YEARS, and providing that the creditor has not already obtained a decree against you, then the debt should be covered by the Prescription and Limitations Act 1973, and will be 'statute barred'.
Once you have informed the original creditor, or his agent, that you do not intend to pay this debt, as it is statute barred, then they can no longer recover the debt.
For more clarification, plus a template letter that you should send to the creditor, have a look at the following link:
Hope this helps.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 DEBTS0
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