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Six year old debts
infofreak
Posts: 7 Forumite
Hi all. I have credit debts which have been hanging around for about 6 years now. I would love to pay everybody I owe everything I owe but unless I get a sudden influx of money (Lottery win, inheritance, etc.) I'm not going to be able to. I have been told that if I haven't heard from a creditor for six years then I don't need to pay it and it stops affecting my credit score. What I need to know is:
Is this true?
How do I find out who I still owe money to without getting in contact with them?
Any other advice on old credit debts.
Is this true?
How do I find out who I still owe money to without getting in contact with them?
Any other advice on old credit debts.
Charles J
0
Comments
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A debt becomes statute barred after 6 years from the last acknowledgement of the debt and this means that you can't be taken to court over it. If you have made payments within the last six years or acknwledged in writing that you owe the money, they aren't statute barred.
You can get a copy of your credit report to see who you owe money to.
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Hi infofreak
Providing that you have made no payment towards, nor acknowledge in writing, a debt for a continuous period of Six years (five in Scotland) then the debt will be covered by the terms of the Limitation Act, 1980, and will, therefore, be 'Statute Barred'.
Basically this means that, once you have informed the original creditor, or dca, that you will, no longer, be making any payment towards that 'debt' as it is now statute barred (the ONLY reason you need give), then the 'debt' can no longer be pursued through the courts, and the creditor/dca should cease all attempts at pursuing you for payment.
For more information, have a look at the NDL factsheet on the following link:
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=25_liability_for_debts_and_the_limitation_actI 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 -
That's not quite true, if a CCJ was obtained, the debt does not become "Statue Barred" however, the creditor MUST take leave from the court prior to taking any further action.A debt becomes statute barred after 6 years from the last acknowledgement of the debt and this means that you can't be taken to court over it.Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0
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