Debt,how long?
(scottish law)
Answer:
A company cannot collect a debt after 7 years, but they can sell it to another company, which makes it a new debt. The same thing can be done with you file for bankruptcy. They sell the debt and you have all the same debts.
Well lets put it this way they are still chasing me for debt from 10 years ago, however, it does not show on your credit rating after 6 years
click on this link to find the statute of limitations for your state. http://www.budhibbs.com/statute_of_limit. As far as your credit report, it is 7 years, bankruptcies are different--10-13 years, depending.
Not really. As long as you owe it, there is nothing to say that it will ever be written-off.
You may want to contact the creditor and see if you can "make a deal". Tell them you will pay them 60 cents on the dollar now (60% of what you owe), or that you can only pay them 1% a month on your present budget. They might go for that.
http://www.creditmanagementworld.com/leg.
Statute of Limitations in Scotland is 5 years, not 3, and the way this is counted is 5 years from the last payment or written acknowledgement of the debt by you, or a third party you have instructed.
However, even after the limitation period, a debt can still be left outstanding, and a company can ask you to pay it - but they cannot threaten to take or take legal action against you - therefore most companies at this point choose to write off the debt as unrecoverable.
Even if the company chooses to use a debt collection agency, or sells the debt on, the limitation period is not 're-started'
An exception to this is where a CCJ (judgement) has been registered against you due to the unpaid debt, this is enforcable for 5 years after the judgement has been obtained whether payment has been made in the past 5 years or not.
With the credit file thing, there is no fast and hard rule, a 'settled' account would fall off your file after 6 years, but it can be as quick as 3 years, and it varies company to company as to how they report a 'dormant' bad debt, but they are required to report on the debt by law. Best bet is to get a copy of your credit file from Equifax and Experian (www.equifax.co.uk and www.experian.co.uk) and have a looksee. If you have any queries about the way the data has been reported, Equifax and Experian will provide you the address and contact details for the company who made the entry and that company is then bound by law to respond to your query.
If you need further advice drop me a line, Good Luck!
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: