Any health condition that i can suddenly have that allows me to not pay it back so it gets written off?!
Just wondered! so dont get up on your high horses!
2007-06-09 09:23:54 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
There aren't loopholes as such.
However, if a credit provider is hassling you for a debt, you can make a subject access request under the protection act to see the signed copy of your credit agreement. They have to supply it to you within 30 days, if they can't find it then the debt becomes unenforceable.
Within the last 5 years, a lot of credit providers have been good with keeping all the documentation, but before that they were a lot more lax, and in a number of cases they can't provide the copy of your credit agreement.
Also, if no contact has occured between a credit provider and the person with the debt, then the debt become statuate barred after 6 years, meaning the lender can't take you to court to get the money back, so effectively there is nothing they can do.
I don't advocate the use of these however, if you have debts then they should be paid back.
2007-06-09 09:42:36 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Afraid not. On the health issue maybe some chance of it being written off, depending on the illness but only if you take out some sort of insurance - normally added on to the cost of the loan or you have your own illness cover or life insurance.
If someone gets in massive debt and has a regular income, the possibility of entering a five year plan and only paying off what you can afford in that period is an option (IVA) subject to acceptance or maybe bankruptcy.
Having said that, IF there is no activity whatsoever on an outstanding balance for 7 years, it is legally written off. But to avoid this creditors will normally sell the debt on before this period expires.
2007-06-09 09:41:21 · answer #2 · answered by Ched 3 · 0⤊ 0⤋
The only medical reasons a bank will write off your debt are if you have a terminal illness (documented) and no money to pay it. Or, if when you took out the agreement you were so mentally ill that it was obvious that you didnt have the understanding of what you were doing (that would make the contract unenforceable. They may write it off then.
So I guess youre going to have to pay up sorry
2007-06-09 09:28:19 · answer #3 · answered by jeanimus 7 · 1⤊ 0⤋
Nope, and if you live in the United States the bankruptcy laws have changed quite sufficiently that it is nearly impossible to get out of "personal" debt.
2007-06-09 09:28:32 · answer #4 · answered by rhm94611 3 · 0⤊ 0⤋
Yes, if you can prove you were unable to understand the credit agreement when you signed it - it should be unenforceable. So insanity would be the health condition you should be considering.
2007-06-09 20:14:28 · answer #5 · answered by Johnny 7 · 0⤊ 0⤋
Nope, sorry! All debt you accumulate must eventually be paid off. That's why it's called "debt" and not "gift"
2007-06-09 09:27:02 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Mental problems will write off your debt.
2007-06-09 09:26:40 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Nope.
2007-06-09 09:27:02 · answer #8 · answered by kearneyconsulting 6 · 0⤊ 0⤋
have alook at moneysavingexpert.com, you might be able to ask for some bank charges back.
2007-06-09 09:26:16 · answer #9 · answered by My name's MUD 5 · 0⤊ 1⤋
Death,and maybe not even then ,if you have any assets
2007-06-09 09:26:29 · answer #10 · answered by Anonymous · 1⤊ 0⤋