Do peoples debts from banks etc really get written off after a number of years if they do not pay them?

Answer 1

Yo inaccord18! You auditioning to become a collection agent? At lease take the time to learn the law, ok? You are wrong.

There really is a Statute of Limitations law that removed your legal liability to pay debts. If the lender doesn't exercise his rights within that time, it's their fault.

In this case, what type of loan are you talking about? When you refer to "debts from banks" that could imply a car or mortgage loan. Those are considered written contracts, and can have a much longer SOL then revolving/credit card accounts.

My opinion...if they don't come after you with a lawsuit, then I guess they don't want the money.

Answer 2

Some banks will if they feel it's not worth their while. Some banks will go all the way and get a court ruling and will enforce it. Others will just send the credit over to a debt collection agency and register a default against you and those collection agencies can be a bit ruthless. In short, it depends on the bank's policy and how much they're looking at.

Answer 3

It gets 6 years before your credit record is wipes. As for the creditor if they fail to reach you to discuss a payment schedule or you do not make a payment it is likely that you will have your debt written off as a bad debt (tax advantages for the company) after three years although this can be as long as six years. Some companies want the debt written off early. If you do not plan to move and haven't paid it is likely that you will have a caller at the door at some point. By statute they can chase you for payment, if you start to pay then don't then they will continue to press their claims especially if you haave property after three years if you have made no contact with your creditor then they will probably write it off.

Answer 4

for one, end spending more desirable than what you're making. 2d, once you've 2 stages and also you basically make 1700 a month or about 21,000 a three hundred and sixty 5 days its time to detect a clean line of work. walmart pays more desirable than that. Now, shall we bypass onto your credit. definite there's a fashion Take 500 and position in a mark downs account at economic company a million. then take out a private loan at economic company 2 surrending you're mark downs account e book as collateral. take that money and position in a mark downs account for economic company 2. now bypass to economic company 3 and do an same aspect back. Now all you ought to do is pay the expenditures for 3 months at about 70 a month and also you've 3 strains of credit from 3 banks. ultimately, charge playing cards are evil. I own 2 houses, 2 autos and that i'm in college with tremendous crdit and no help from everybody except my wifes job. we do no longer have charge playing cards because they're an idiots sport. If we do no longer have the money, we do not purchase it. its that user-friendly.

Answer 5

As long as there has been no correspondance (written or verbal) FROM you TO the bank etc witin 6 years, then the debt becomes void. The legal term is Statute Barred. Once you acknowledge the debt again, then the six years begin over, so it is important you do not acknowledge it....

Answer 6

Some are written off and some comes back after a few years.

Answer 7

Yes. It takes 6 years from your last contact with the bank.

Answer 8

You can apply to have them taken off of your credit report after 6 years but not before and it doesnt' happen automatically

....but the bank can chase you for as long as they like for their money!!

Answer 9

Yes 7 years...better than 10 in a BK

Answer 10

***Rant on***

Some people... :(

Yeah, so lets all just max out or credit cards, then sit on them for 6-7 years then magically it just disappears. Gee, why didn't I (or the rest of the world) think of this? While some of you may be disillusioned enough to think that just because it was dropped off your credit report means that the bank just decided to let you off the hook, it's not true. They will send you to collections, and they WILL try to get their money.

I hate to preach, but if you're going to be a dumbass and max out your credit cards, you deserve to pay a lot of interest. Why should us hard working honest people be the only ones to repay what we borrowed? Get a clue...

***Rant off***