2006-07-24 04:43:40 · 6 answers · asked by mickrog123 2 in Business & Finance ➔ Personal Finance
this is in the uk
2006-07-24 04:52:52 · update #1
Depends on what kind of debt it was. Credit card debt prescribes 3 years from the date of last payment; most promissory notes at 5 years. Student loans last forever.
Check with a collections attorney and see. Most areas have some sort of free legal assistance; maybe your local law school has a clinic offering assistance.
2006-07-24 04:49:45 · answer #1 · answered by Cosmic I 6 · 0⤊ 0⤋
It depends on where the debt was contracted for (the state). The kind of debt it is. Secured, unsecured and the date of last payment. THis is important because debts have a statute of limitations. You can go to www.findlaw.com to see what the statute of limitations on the debt is. Don't pay a debt that is that old unless you negotiate to have the debt paid in full satisfactorily.
Good Luck
2006-07-24 04:51:50 · answer #2 · answered by teenriodoll 3 · 0⤊ 0⤋
Troy S needs an enema. Most debts are uncollectable after 5 years. Write them a drop dead letter.
Drop dead Letter:
To Whom it may concern:
I have been contacted by your company about a debt you allege I owe. I am instructing you not to contact me further in connection with this debt. Under the Fair Debt Collection Practices Act, a federal law, you may not contact me further once I have notified you not to do so.
Sincerely,
(Name)
(Account No.)
If they contact you again... Sue them!!
2006-07-24 04:58:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
In some states, they can only collect for up to so many years. You can try to contact the people and pay them, usually they will settle for cents on the dollar, but if they have not tried to contacted you, and it's not the IRS, then I would assume they have written your money as a loss and moved on. You may want to try and contact your local Credit Reporting Bureau because you don't want it showing up on that report.
2006-07-24 04:49:57 · answer #4 · answered by Jennifer W 4 · 0⤊ 0⤋
That depends upon the state. If you're a TX resident, the statute of limitations has probably expired. If you're a MO resident, it has not. Consult with an attorney for guidance in your area.
2006-07-24 04:50:03 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
A debt can always be recovered. You'll have to pay it at some point.
2006-07-24 04:45:15 · answer #6 · answered by Troy S 5 · 0⤊ 0⤋