2007-04-24 08:21:55 · 15 answers · asked by always thinking 1 in Business & Finance ➔ Credit
Are you serious?? Do you really think that if you just don't pay then the lender will forget about it? If it worked like that we would all be borrowing thousands.
Is your hair a light colour by any chance?
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2007-04-24 08:29:12 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Are you in UK?
If so, if you dont pay then eventually the debt will be sold off to a debt collecting agency, they then have the power to take you to court and can even apply for bankruptcy on your behalf. If it goes to court then bailliffs become involved. Bailliffs have more power than Debt Collectors.
If no attempt is made by the company/person who gave you the credit for 6 years, then the debt is written off.
2007-04-25 11:24:30 · answer #2 · answered by Ah! 5 · 1⤊ 0⤋
YES
If you Can dodge about for 6 years and not have an address on the electoral roll, the debt is legally dead., but if at anytime before the 6 years the debt has to be paid, but you can offer a pound a month, but better to dodge around for 6 years if you can and the debt is big. you can then do it all over again! with a fresh credit rating.
experian will give you the same information that loan companies use and its only 2 pounds for a full report.
2007-04-24 08:37:31 · answer #3 · answered by phil 3 · 0⤊ 2⤋
The debt is NOT written off after 6 years like a lot of people assume. A debt has just caught up with me from 14 years ago for £154 (which I actually thought Id paid) I am now having trouble proving I paid it as I havent kept reciepts from 14 yrs ago.
2007-04-26 02:16:20 · answer #4 · answered by brien123 4 · 0⤊ 2⤋
Of course not. You are most likely thinking of charge-offs. This is a accounting term and doe's not mean that you do not still owe the money.
The account will be sent to collections first and if you still do not pay they will take you to court and get a judgment. Then they can attach bank accounts, garnish your wages and file liens on any property you may own like vehicles, boats, land and homes.
Eventually you will have to pay and in the mean time and for 7-years later your credit will be trashed.
2007-04-24 08:35:49 · answer #5 · answered by ? 7 · 0⤊ 1⤋
No it is not written off. The only way this can happen is if the debt company do not contact you for 6 years. Then the debt is written off.
2007-04-24 08:28:11 · answer #6 · answered by emaf1uk 4 · 2⤊ 0⤋
apparently if there has been no activity (payments) on account after 6 years debt has to be written off
2007-04-24 08:26:38 · answer #7 · answered by traceybelshaw2003 1 · 1⤊ 0⤋
This is very tricky. It is suppose to be after it is listed on your credit report as diligent after 7 years it comes off. But here is the key. Collection agencies will sell your information to another collection agency when their time is running on trying to collect. Therefore your status on that agency start over from the beginning again. Hope this helps.
2007-04-24 08:30:19 · answer #8 · answered by CMB 95 1 · 0⤊ 0⤋
No,first they take you to court and get a judgment against you, then if still no payments, then they garnish your wages at your job,which is really bad because they can take alot out of your check.Just pay the payments and save your-self some trouble.
2007-04-24 08:29:16 · answer #9 · answered by margiefaye4 2 · 0⤊ 0⤋
After about 6 months, the debt is charged-off, but this is just an accounting term, meaning that the bank doens't think they'll receive payment so they send it to collections. But you still owe the charged-off amount.
2007-04-24 08:27:21 · answer #10 · answered by Anonymous · 1⤊ 2⤋