2007-03-14 02:03:28 · 15 answers · asked by adam C 1 in Business & Finance ➔ Credit
Er no. You still owe the money and always will unless you go bankrupt (not advisable).
2007-03-14 02:06:14 · answer #1 · answered by Anonymous · 2⤊ 0⤋
I assume this is a Uk based problem.Persuant to The Limitation Act 1980 a civil debt cannot be legally enforced after a period of 6 years has elapsed provided you have not acknowledged the debt in that time. If a creditor is that lax in persuing a debt a court will not uphold a claim. So unless you feel honour bound to satisfy the debt forget about it. Google the Limitation Act for verification.
2007-03-14 03:24:48 · answer #2 · answered by DEREK M 3 · 0⤊ 0⤋
Short answer = yes.
Longer answer = Your creditors may not allow the unpaid debt to remain delinquent until statute of limitations runs out.
Your creditors can sue you, get a summary judgment and possibly levy your bank accounts and/or garnish your wages.
In the meantime, your credit will suffer and you'll endure the wrath of collection attempts.
A proactive plan is first to force debt validation with the owners of the debt and dispute with the credit reporting agencies...simultaneously for a 1-2 punch.
Older debt is easier to remove from your credit file than newer debt.
Once alleged debt is verified and validated, you can choose to keep validating until SOL expires or you're sued, each time hoping the owner of the debt cannot/will not verify or validate.
The process is a bit more detailed than space provides. If you're interested in learning how to force debt validation and dispute with Credit Reporting Agencies, visit us at http://www.fixmyuglycredit.com
2007-03-14 02:24:21 · answer #3 · answered by paynemdp 2 · 0⤊ 0⤋
The only way to "clear" them without paying them is to file bankruptcy, and this can really damage your credit rating. But, as well, just leaving your debt out there can damage it. Contact the companies you owe and make arrangements to start paying off your debts little by little. If you ever want to borrow money to purchase a house or even buy a car, these debts will hurt you.
2007-03-14 02:09:27 · answer #4 · answered by ♫ frosty ♫ 6 · 0⤊ 0⤋
Debts are statute barred after 6 years.
However, this means 6 clear years. If, for example, someone asks you for the money a year ago and you said I can't right now, the 6 years starts from then.
2007-03-14 02:06:31 · answer #5 · answered by Alex N 2 · 0⤊ 0⤋
i was in the same situation as you and went to see an insolvency practitioner for advice and i went bankrupt the best thing i ever did, a fresh start if you can live without credit and no more harassment, dont let people put you off going bankrupt its your life and its the best move you could make.
2007-03-14 02:38:54 · answer #6 · answered by RIA 2 · 0⤊ 0⤋
after 6 years i think by law the debts have to be scrapped!
i have a few debts which i havent paid, i am on my 4th year now..
Thanks
2007-03-14 02:07:38 · answer #7 · answered by charleywhite_uk 2 · 0⤊ 0⤋
No they will never just go, be careful you might get surprised one day and be told you have to attend county court to settle your debts or the bailiffs might just turn up!
2007-03-14 02:07:28 · answer #8 · answered by Pearl 5 · 0⤊ 0⤋
No. Some will get charged off, some will eventually drop off your credit report; some will follow you around for LONG time.
Pay off.
2007-03-14 02:06:28 · answer #9 · answered by wizjp 7 · 0⤊ 0⤋
Nope. Need to pay them off or contact companies
2007-03-14 02:06:22 · answer #10 · answered by biscuitperifrank 5 · 0⤊ 0⤋