I have a debt thats outstanding for 7 years does the statue of limations now come into force?

Question

As i have never replayed to any letters and have made no contact either in telephone or by letter to the debt collectors working on behalf of natwest bank in the uk would that now mean because its now been 7 years that the statue of limations now kicks in and they are no longer able to inforce the debt using the legal system?

Also I'd like to point out that as far as i can remember they have never filed a County Court Judgement against me for this matter.

Answer 1

I don't know the answer to your quetion, but if you owe the money why haven't you paid it.

Answer 2

The answer to your question is, in the quickest terms, no. If you have an outstanding debt the money will ALWAYS be collectible (until you die). However, the effect that the outstanding debt has on your credit rating is removed after this period of time and cannot be viewed as an outstanding debt by any creditor. This doesn't mean that they won't know about it and deny you anyway though.

Answer 3

Why not go to Google.com and see what you can see. I'd start by typing in statute of limitations debt uk and see how that works. If you don't get the information you want, try some other combination of words. Try to get the same information from at least two sources and see if they agree. Anybody can post anything on the Internet, and some of them are none too accurate.

Answer 4

There is no statute of limitation on debt, debt itself is not a crime. Failure to pay it, however, is. The size of the debt factored with the cost of recovering it will make the decision to try to recoup their loss. If they choose to let it to a collections firm they have already agreed to cut them one third of whatever they collect. As a result, it will make the goods or services from the vendor more expensive to others who want their product as they will be forced to raise their prices thanks to scumbags who take but don't pay.