Is it true that if you avoid creditors for 7 years the debt is written off?

Answer 1

Yes. It is the law, but not all debt goes off in seven years, so don't count on it. The law is like this to avoid over filling the bankruptcy courts with people that run into trouble paying their bills.

Another problem is until the seven years are up your credit will be shot. Get a copy of your credit report from one the three major agencies. Get one from each every 4 months on a rotating basis and it is free, (you can get a free copy from each once per year.) If you do this right you can keep an eye out for fraud or wrong information 3 times a year at no cost.

Clear up your problem debt one bill at a time, the newest ones first. It is well worth the effort.

Answer 2

this is what someone told me when i asked a similar question, in fact most of my answers were very different from the ones you have been given, I have been in debt and most of it seems to have been written off over time, but then I have moved about a lot. If you are staying in the same place, apply for any store cards or go on the voters role then they will probably catch up with you.

"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 3

It used to be 6 now it is 7 in British law yes it is true but only if you totally avoid them like move home the reason being if you receive mail or phone calls from them there is no way it will be written off plus you have to prove that it has been 7 years IE:last letter you received from them old and new tenancy agreement and any other info on where you have been living.in the long run it might work out cheaper to pay off your debt for it is a lot of trouble to go to and there is no guarantee the wont find you IE:work, council tax,bank accounts,car, car insurance,benefit office, housing office,gas, water, electric and so on. if you are in debt go to the citizens advice bureau they can help you. hope this helps you
good luck

Answer 4

For some reasons yes! But you have probably already had a taste of how this is really not an option. The obvious downside to this is that the problem is never resolved; you live with the burden until the debt is paid. Creditors generally have a vast number of resources available to them one of which is debt collection agencies to find you and re-coop their money, this is a multi-million dollar industry; they don’t get paid until they get you to pay. Not paying your debt as well is a bad reputation not just by yourself but on your family and your capability for future loans as well. For proper legal advice about this serious matter, visit www.bankruptcy-advice.com.au.

Answer 5

The creditors will need to file a claim with the courts within 3 years of the last payment towards the debt. Once 3 years have passed since you have made a payment, they can no longer pursue it through the Court.
If they have made a claim with the Court you will have to pay eventually

Answer 6

Under British law, yes there is a time limit where if no attempt has been made to reclaim a debt it is no longer valid. I cant recall the lenght of time though.

Of course, a letter, telephone call or visit nullifies that, because it is an attempt to reclaim the debt.

If you want to be certain, most solicitor firms give free legal advice in a law shop environment.

Answer 7

Errrrm as far as I know no statute of limitations applies anywhere in the world for this offence. Be careful even if there was such a time limit they can still send the heavies round to break your legs!
Or legally reposess everything 'cept your clothes and bed.
Where would you be without your computer?
Be a good citizen if you cant pay go bankfrupt at least the law is then on your side.

Answer 8

no - just after tha length of timee it doesnt appear on your credit history anymore, unless you have subsequently made arrangements to apy, or they get a court order to force you or 101 other reasons to keep it active. either way you will still owe the money and they can legally come after you for it. if of course you borrowed it from Big Tony down the road, he will probably come after you "illegally" for it, and it will be parts of your body that are written off, not the debt.

Answer 9

No. Its 7 years after filing and declaring bankruptcy (and being allowed to declare it) that bad credit is wiped off of your report after 7 years.

Answer 10

no, your account just keeps being sold, or just ends up on your credit report which brings down your credit score.you can always negotiate with your creditors to pay a lower amount and ask them to report it to trw.