i have a debt over 5 years old and the creditors have only just asked for payment. am i in my rights to refuse

Answer 1

Try this site. I think you can even contact the man, but he's really good. http://www.fightback.com/

Answer 2

Debt Over 5 Years Old

Answer 3

take some friendly advise from someone who's been there got the t-shirt? right your debt is over 5 yrs old..right/or wrong?
if its right ,chances are you re debt has been sold on to another company ,sounds daft i know,but it will have,and now it will be another company chasing you for the debt?...please stop me if I'm wrong? sorry you cant can you,I'm just adding a bit of humour into the equation?
right i ll give you a example...say for arguments sake you owe a leading bank £5,000..and you have constantly defaulted,which in between the lines you have? the bank is insured against this,so instead of fighting to re-claim the money incurring any more costs,company's out there buy the debt from the bank, and then try to re-claim the amount due?
often ,they will accept a lump sum considerably lower than the amount due for full settlement?so now your debt is with them and not the bank? are you following this?
so now for a £5,000 pound debt,that they have bought,you can try to offer ,say £500.00 to clear the debt outstanding? they will either disagree or agree?..always remember the bank is insured and they already have there money back? its these independent company's that want to make money off other peoples back?...my advice..don't be scared or intimidated ..play these sharks cos that's all they are..at there own game? please think about what i have said?

Answer 4

Hi,think the way the law stands if you refuse to pay.It will go down has a bad debt.Have just put a search in yahoo type debts over 5 years old in & click on number 2.It gives you the information you require.Good Luck

Answer 5

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Answer 6

According to the Fair Debt Collections Practices Act section 809, you're well within your rights to ask for proof of the debt. You have to do this within 30 days of the initial contact o6 the creditor can legally assume it's yours. You may want to do that first.

If it's yours then you're morally bound to pay it. Legally too. They can legally take action against you.

Answer 7

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Answer 8

You can try,but no.Some collection companies will work with you to lower the obligation.Might want to see if this is an option.Cuz,basically after a certain time it gets passed over to another agency over and over again.If you don't take care of this it'll show to credit reporting agencies.That'll be a financial burden to any future credit you may need whether it be a credit card,home,or anything that requirews a credit check.I betting this could already be on your credit report.You should check it if your concerned bout your credit score as well.

Answer 9

It is in your right to refuse, if you want to wait for 2 more years it will be removed from your credit report, but if you want to clear it up sooner you have to pay the bill. If it has been 5 years it may have just been sold to a collection agency. I would first dispute the bill.

Answer 10

what's the financial ruin technique? A courtroom makes a financial ruin order basically after a financial ruin petition has been supplied. this is often supplied via: * your self (Debtor's Petition); or * lenders who're owed a minimum of £750 via you (lenders' Petition) A financial ruin order can nonetheless be made despite in case you refuse to correctly known or comply with the order. you may consequently attempt to co-function totally as quickly as the financial ruin lawsuits have began. in case you dispute the lenders' claims you may attempt and attain a settlement with them till now the financial ruin order is made: attempting to accomplish that afterwards is complicated and expensive.

Answer 11

YOur wrong.. U need to pay it , u ran up your own debt and they can come after u in till u pay them.. and this makes your credit look bad