when do creditors stop chasing the debt?

Question

an x girlfriend of a friend had a supp card with his credit card, shes now dumped him and refuses to pay the 7k which now becomes his debt and yes he has learnt his lesson

Answer 1

Debt evasion is tricky, but not impossible, depends on how far you are willing to go. If your prepared to give up your right to vote, simply moving and not re-registering on the electoral roll goes someway, obviously you dont want to apply for any credit in any shape or form in your new address for a period no less than 6 years, also if you have a civil partner or spouse they need to keep away from credit for a similar period otherwise debt companies will link there details to yours and locate you that way.
If you live in a multi-occupancy residency which has a fair turnover of tenants just simply sending everything back 'addressee gone away' is a tried and tested trick. Beware however signing for things recorded or special delivery that you are not expecting, these are also used as cheap 'probes' recovery companies as a method of seeing if your still there, they can pay the Post Office for a copy of the signature and a then compare that with any specimen signature or handwriting that they may already have on file.
Also a little know fact is that if you do move and they issue at that address you moved from and the court sealed claim form is returned 'addressee gone away/not known at address' they are bound by English Law to write off the debt, they cannot service a 2nd summons at a later date.
Also worth noting is that a lot of these 'debt management companies' never get sight of the original paperwork and generally the company that offered the credit would probably have shredded the originals in line with the DPA or just general housekeeping activity. If this is the case the debt management company will only have a formal note of the debt and not the actual proof, again this can be used to your advantage, if they are unable to prove the debt you have no liability to pay it. The fact that they may cite your old address, date of birth etc is, in itself no proof of a debt.
These are just the first steps, there are other methods. ;)

Answer 2

until they are paid OR until you declare Bankruptcy.

If you are seriously in debt and cannot negotiate payment terms that gives you a chance to redeem the account and get in good standing then review ALL your finances and if your debt exceeds your ability to pay by a significant amount then seek financial counselling.

I only recommend counselling as a first resort if your debt is relatively minor in nature. They will lower the interest rate and extend the time to pay if you surrender the credit cards and sign over your first born.

I went through a bankruptcy 5 years ago and totally by-passed counselling because I got the gut feeling that all these companies were likely owned or controlled at arms length by the very people I had a dispute with.

Sometimes ( every freaken day) a persons life changes and unforseen things happen that fundamentally change your life forever. Don't let something as trivial as money destroy your family, your life, your spirit.

The upside to bankruptsy is you will learn to live within your means and believe me it is wonderful to free.

Answer 3

Call them and come to an arrangement about how to pay. Or go to Citizens Advice or National Debt Line and ask them to help. Don't just ignore them - even if they stop chasing the debt (which is unlikely), the stain on your credit record will make it very difficult for you to get a mortgage or credit in the future.

Answer 4

2 answers to this

1, when the debt is legally discharged. which will be either when they get paid or when you come out the wrong end of a banruptcy (although no-one would entertain it for only 7K)

2, when you die. Although unless you ticked the insurance box i think you will find they have some claim on your estate.

otherwise suck it up and pay them. probably worth taking a bank loan to get a better interest rate.

Answer 5

easy answer they dont not unless you have made arrangments to pay the debt in full or installments to pay the debt off but isf a repossession is in force there is a law that you are covered by in the small print of a contract . its the 1974 repossession act , if at the time of repossession of goods you have paid a third or more of the total balance you are entilted to all or some of your money back at the time of the repossession .know your rights .the only time a debt ceases to be in acted is when the debtor dies .

Answer 6

i'm guessing you're interior the united kingdom. while you're utilising a debt administration plan your lenders could be liasing with your debt administration human beings, even nonetheless they'll nevertheless attempt and touch/situation you for extra money. you may in no way respond to them, in the event that they are calling you tell them which you will no longer enter into verbal substitute with them and factor them interior the process your DM human beings. with connection with bailiffs they can't do something except you enable them to interior the residing house, be careful a number of them are sneaky ensure you do no longer flow away residing house windows/doors unlocked and be careful once you open the door. A creditor is merely no longer waiting to take you to courtroom while you're already making money in direction of your debt. Please attempt to no longer situation, this has been occurring for me for years too. a great internet site that could assist you is ConsumerActionGroup, distinctive great advice from human beings getting into the process an analogous element!

Answer 7

If you are based in the UK, a bet is considered legally valid for six years. Therefore they can keep chasing for that long. By which time they will have most likely taken you to court and filed a county court judgement. Its much easier just to pay the debt

Answer 8

usually 7 years, they are off the books, cannot report to credit agencies any longer, debt should not show up. take action if it does.

Answer 9

Six years, but only if there has been no response by you to any of their attempts to contact you.

See the website below for a fuller explanation.

Answer 10

Never, and the charges keep adding up.Pay your bills, its people like you who drive prices up for the rest of us. I apologise if you were just asking out of curiosity, but it really makes me mad that so many people think the world owes them a living,