If credit card debt is wiped off file after 6 years or so does intrest still occur?

Question

In the UK, credit card debt is wiped off after 6 years ( so ive been told), does that mean whole of the debt is wiped off? even if it is wiped off file & you still owe the debt does that include charging intrest?

Answer 1

Interesting concept .. run away from your debt and if they can't catch you for 6 years you are free ...

My understanding is the time rule only applies to debts that they have made no effort to collect .. i.e. it's 6 years AFTER they give up trying to get you to pay up and ONLY if there was no Court Order etc.

Most Credit Card Companies 'sell' your debts to a Collection Agency well before the 6 years are up and wash their hands of it .. the Debt Collectors NEVER stop adding interest and charges ..

As far as I know, the only ways out are:-
= IVA (you agree to pay all your debts at whatever rate you can afford per month, they all agree to freeze interest & charges and accept less than the current outstanding total (I believe it's typically 60 - 80%, whereas if they sell your debt to an Agency they are lucky to get 20-50%)
= or Bankruptcy (and it's 7 years ? here)

Answer 2

I quite have a complicated time believing that the English can merely rack up credit fees and get it wiped off each and every 6 years without punishment in any respect. i think of you're unsuitable. i think of your credit would be in ruins and that i think of you're able to desire to make certain an accountant for the data.