I failed to notify a bank of change of address and owed them money?

Question

I had a credit card debt of 2500 pounds,but just didnt tell them i was moving,that was 5 years ago,Since that time i hav`n`t applied for credit anywhere or been on the electoral role.have i got away with it or are they probably still looking for me.
I know it was wrong.

Answer 1

after 6 years and 1 day there is nothing they can do, if however during that time you contact them. the debt is restarted from that time.

Answer 2

I don't know where you live, but in the U.S. bad debts stay on your credit for 7 years. These lenders can sell your debt to recovery people. My guess is that they haven't forgotten about it completely. With past interest and collection costs you will probably now owe at least double what the original debt was at the time. You can always pull a credit report and see what is on there. You could also get in touch with your bank and see if you can settle the debt. With so much time past, they may be willing to settle for much less than the original debt.

Answer 3

they will probably have passed your account to a debt collection agency, they would have tried to track you down,but after 5 years i would say there is every chance that they have cancelled the account and the debt. although it is very likely that they put a note of what happened on your credit file (wshich all banks use).

however, this is 'refreshed' every 6 months, and if you have had 5 years of good credit since, your credit rating has probably improved.

to get credit though, you'll need a consistant history of adresses, so hopefully when you did move 5 years ago, you joined another bank and told them of your address?

mrben

Answer 4

I wouldn't bet on having gotten away with it, if I were you. First time you apply for credit again, I'll bet a zillion computers will be humming and your name will come up as a fiscal delinquent. They wouldn't be actively looking for YOU, because the idea would be that if you aren't dead, sooner or later you are going to apply for something that will make your name and full history pop out of somebody's database. If you're feeling contrite about your "cheatin' ways" probably the best thing to do in the immediate future is to bring yourself forward, declare your regrets, and your desire now to make amends. They are more likely to cut you some slack than if they finally catch up with you anyway - which, my bet is, sooner or later, they will.

Answer 5

1st. you have surely no criminal recourse which you will take against the organization for failing to tell you or song you down. in case you examine your contract with them, you will likely locate out which you have been already pronounced which you're obligated to pay the debt plus pastime and criminal expenses, etc. in view which you admittedly recognize you owe the debt. it is your duty to make the money and notify the creditor of any variations on your handle. The creditor isn't obligated to song you down. in the event that they did, private investigator expenses to locate you would be extra to the debt - assume it. shop mastercard normally carry extreme rates of pastime. So, 24% pastime on a $500 card will value you approximately $10 consistent with month COMPOUNDED. this is, you will pay pastime on correct of the pastime already owed. So, no longer paying something on the $500 card, the $1600 stability is sweet on the money for the 5 years of non-fee.

Answer 6

Of course you haven't got away with it! It'd be amazing if there's not a court order out in your name.

You need to contact them ASAP and explain your mistake and talk to them about paying the 2500, and then some, back to them.

Answer 7

The are still looking for you and they won't stop until you pay them back.
Better contact them and sort it out

Answer 8

be afraid...very afraid....try and apply for credit and see what happens