2007-02-28 02:04:06 · 15 answers · asked by maxinedownunder 1 in Business & Finance ➔ Personal Finance
What would you do if someone owed you a lot of money? That is a personal debt, whether it is from a company or another person.
If you owe another person a debt it is personal, if it is a business it is not personal. I guess you can work it out for yourself!
2007-02-28 02:13:41 · answer #1 · answered by James 6 · 0⤊ 0⤋
I despair sometimes when I see the unqualified answers appearing on this site. Is it wishful thinking on the part of some answerers or do some they deliberately try to confuse.
A civil debt becomes statute barred under the provisions of the Limitation Act 1980 which advises that after a period of 6 years a monetary claim cannot be enforced. If a creditor has been that lax about their finances and cannot be bothered to chase the debt then the courts will not uphold a claim.
2007-03-01 15:52:04 · answer #2 · answered by DEREK M 3 · 0⤊ 0⤋
No debt is ever written off unless its paid but after 7 years it becomes statute barred, meaning the person you owe money to can't pursue the money in court. They can however continue to hassle you but most don't as the likelyhood of you paying after 7 years is unlikely.
2007-02-28 10:08:58 · answer #3 · answered by isleofskye 5 · 0⤊ 0⤋
If you have a debt then it is a debt for as long as the person owed the money is not paid. There is no such limitation. You could be taken to court for the repayment of the debt and if it is not paid you will have a court judgement added to your credit dossier and you will never ever be given any credit again.
2007-02-28 10:36:41 · answer #4 · answered by ANF 7 · 0⤊ 0⤋
An old outstanding debt may be written off as uncollectible, but it does not forgive you of the obligation to pay.
2007-02-28 10:06:47 · answer #5 · answered by kingstubborn 6 · 0⤊ 0⤋
I may be written off the company's books but your debt is still a debt. They can pursue it until you pay it and they can sell the obligation to a collection agency and they can pursue it indefinitely. Pay it if you ever want to take a loan out to buy anything.
2007-02-28 10:08:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋
after 6 years the debt cannot be claimed through the courts
2007-02-28 10:07:07 · answer #7 · answered by pu55y perfect 3 · 1⤊ 0⤋
After six years
2007-02-28 10:06:29 · answer #8 · answered by Anonymous · 1⤊ 0⤋
I dont think so .... but there is the staute of limitations.... which only allows people to be taken to court for things done in the last 6 years ....it might apply
2007-02-28 10:07:22 · answer #9 · answered by Fox Hunter 4 · 0⤊ 0⤋
If they have had absolutely no contact with you for 6 years.
2007-02-28 10:08:41 · answer #10 · answered by OriginalBubble 6 · 0⤊ 0⤋