i had 2 bank accounts a few years ago that went overdrawn and i moved house and didnt pay the money back. how long is it till they will forget about it?
2006-10-06 01:59:48 · 19 answers · asked by hec1980 1 in Business & Finance ➔ Other - Business & Finance
they wont
2006-10-06 02:01:44 · answer #1 · answered by Wite Out 4 · 1⤊ 0⤋
Sadly They Dont Forget About It They Will Keep On At You Until You Pay Off The Amount Due + Interest The Interest Will Continue To Grow The Longer The Account Remains In The Red The Citzens Advice Bureau Is The Best Place To Go To Work Out Your Problems With Money Or Go To Your Bank Manager To Sort It Out
2006-10-06 02:20:24 · answer #2 · answered by Andrew G 1 · 0⤊ 0⤋
You're kidding right ?
So long as they (or thier agents) attempt to contact you within a specified time scale, the debt stands. The idea that debt's are written of if an interesting one, but if it was true, no one would ever pay... would they.
This is what keeps collections and tracing agents in business.
Some institutions do write off smaller debts, on the understanding that it would cost more to collect than the debt is worth, but this is rare as there are many many doorstep collection agencies who will happily take 50p a week on debts of only £5.
2006-10-06 02:10:37 · answer #3 · answered by mittobridges@btinternet.com 4 · 0⤊ 0⤋
They do not. When a financial institution 'writes off' a bad debt, it is only a bookkeeping thing. The bad debt actually goes to collections, either an internal department, if the institute is large enough or to an external agency.
These bad debts can come back to you even after 30 or more years. Plus, no matter what they say, the credit agencies keep these notations on your credit report ...the one that you are never allowed to see... forever, even when ordered to purge.
2006-10-06 02:08:44 · answer #4 · answered by credo quia est absurdum 7 · 0⤊ 0⤋
7 years
2006-10-06 02:04:21 · answer #5 · answered by Anonymous · 0⤊ 1⤋
They actually NEVER forget about it.
In some areas it is 7 years but doesn't come off your credit report for 10 years.
It would be better to negotiate a payoff and pay it back.
2006-10-06 02:09:45 · answer #6 · answered by ? 7 · 0⤊ 0⤋
Well, it's actually non of the above.... the LEGAL amount of time is 6 years, then they have to write your debts off
2006-10-06 02:14:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
12 months
2006-10-06 02:42:12 · answer #8 · answered by peter s 1 · 0⤊ 0⤋
I think it's 7 years.
If your going for something on credit now just don't give your last address.
2006-10-06 02:14:35 · answer #9 · answered by tricia1971 5 · 0⤊ 0⤋
I think you have to fake your own death - try falling off the back of a luxury yatch, it worked for Robert Maxwell!
2006-10-06 02:09:21 · answer #10 · answered by Anonymous · 0⤊ 0⤋
Never on equifax. certain companies give 4-5 years
2006-10-06 02:02:20 · answer #11 · answered by alismudge 3 · 0⤊ 1⤋