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Debt Avoidance

akingsail
Posts: 5 Forumite
I read somewhere that if you can duck and dive and avoid paying or communicating with your creditor for 6 years, on production of a certain layout letter, you can legally get your debt wiped off. Im sure I read it within this forum, but cant find it. Anyone know of this? Is it true?
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If you owe the money, pay up! The rest of us who pay our debts on time suffer as a result of people who can ' duck and dive and avoid paying', and think it's big and clever to do so."You were only supposed to blow the bl**dy doors off!!"0
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Yes its true but it's a lot harder than it seems.Barclaycard 3800
Nothing to do but hibernate till spring
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Yes - true, but the banks and loan companies will employ tracing companies and debt collectors who will try their damnest to find you. Everytime the door is knocked, the post comes or the phone rings, it could be that debt catching up with you which by that time may have grown to an unrecognisable amount from that you were seeking to run away from.
6 years is a hell of a long time to keep running.Almost debt-free, but certainly even with the Banks!0 -
'Ducking and diving' isn't correct. What you are referring to is statute barred debts which come under the limitations act. That for example if you had a creditor start chasing you out of the blue for a debt that is over 6 years old and you have not made contact or made a payment in that time then it is not enforcable as it is statute barred.
running away from your debts with the sole intention of avoiding paying them is fraud.Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
I read somewhere that if you can duck and dive and avoid paying or communicating with your creditor for 6 years, on production of a certain layout letter, you can legally get your debt wiped off. Im sure I read it within this forum, but cant find it. Anyone know of this? Is it true?
I don't know ur personal circumstances, but I can tell u that this is NOT what MSE is about... there are many many people here who have a lot of debt, who are struggling on a day to day basis to pay this off.... some will not be paid for many years to come!
A friendly piece of advice for you...... do not come here asking how u can avoid paying your debts..... if you want/need the help of the forum, we will all gladly help you face ur debts and suggest ways to start paying them off, as we have all been in that situation (and some still are), but we will NOT suggest u run for 6 years to avoid paying them.
Good luck
Sarah x'We are all in the gutter, but some of us are looking at the stars' - Oscar Wilde0 -
Actually it wasn't a debt I have that I was referring to but thanks for all the replies! I agree in the main with the annoyed amongst you, however I would make the point that it takes 2 to Tango. Therefore the creditors who stupidly allow such debts to build up, are as equally to blame for the debt. We should stop them being able to put charges on property (homes), other than mortgages for houses. That would make them think twice about lending the money irresponsibly in the first place, and profiteering on the backs of a lot of people who get into hard times. Alternatively, there should be compulsory insurance against hard times. These columns would then not be so full of people whose stories, frankly make me so cross, not because of their failings, but because the system and the corporates let them down in the name of profit.0
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Actually it wasn't a debt I have that I was referring to but thanks for all the replies! I agree in the main with the annoyed amongst you, however I would make the point that it takes 2 to Tango. Therefore the creditors who stupidly allow such debts to build up, are as equally to blame for the debt. We should stop them being able to put charges on property (homes), other than mortgages for houses. That would make them think twice about lending the money irresponsibly in the first place, and profiteering on the backs of a lot of people who get into hard times. Alternatively, there should be compulsory insurance against hard times. These columns would then not be so full of people whose stories, frankly make me so cross, not because of their failings, but because the system and the corporates let them down in the name of profit.
Hmmm....I think there is a definate balance of responsibility in personal finances...sure there are some shady and underhand tactics being used by finance companies to tempt us into spending money 'on that dream holiday you deserve' (I have ranted plenty of times about that on this forum, trust me), but at the same time since it's YOUR house / credit score / property / reputation / salary at stake, shouldn't a big chunk of that onus rest with the individual not to spend money like it's going out of fashion?
However by the sound of it, you seem to want to absolve the individual of any responsibility whatsoever.
I do speak from experience here - I was lured by banks into thinking they were helping me by offering loans. But at the same time I spent that money VERY irresponsibly. It was my fault. I accepted responsibility for it and repaid the money over a very long period of time.0 -
We should stop them being able to put charges on property (homes), other than mortgages for houses. That would make them think twice about lending the money irresponsibly in the first place, and profiteering on the backs of a lot of people who get into hard times. Alternatively, there should be compulsory insurance against hard times. These columns would then not be so full of people whose stories, frankly make me so cross, not because of their failings, but because the system and the corporates let them down in the name of profit.
1) These people have got themselves into the mess they're in. Nobody held a gun to their head when they signed the application.
2) When banks take responsibility, like Egg has this month closing the credit card accounts of 160,000+ customers with a poor credit rating, they're slagged off left right and centre.0 -
I have a secured loan on the house - stupid decision but mine.
I have a DMP paying things back over a longer term - lesson learned!
You have to accept that you are to blame, there are other ways of living without credit its just thats the easiest way to have things now.
We need banks and companies to make money to pay into the system we just need responsibility in how much we borrow and better education in schools on how credit works.0
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