How many years does it take for companies to write off your bad debt in the uk if you dont pay them??
Answer:
The credit companies can see your last 6 years of credit history at anytime.
Do keep in mind that there is a higher percentage of people now then ever before that has had credit problems and the credit companies have adjusted there lending based on this.
You would have to be a real severe bad case to not get a mortgage. For a personal loan it would be a lot harder to get one. You may have to pay up to 40% for a personal loan due to your history.
All the best
Checkout these websites, they are very helpful and informative:
http://www.debthelpuk.co.uk/
And:
http://www.nationaldebtline.co.uk/.
Usually there is no time limit to bad debt, talk to the company that you owe the money to and make a reasonable offer to repay them.
If a bad debt has been registered with a credit refererence agency (Experian for example) they normally keep your details for 6 years, but this is no guarantee.
You should take legal advice if you owe a lot as the County Court can order you to prison (Civil Debt). The same court can ask bailiffs to use force to enter your premises to seize goods to the value of the debt. Again this Court can order an "Attachment to Earnings Order" where your employers (Assuming you are not self employed) can be ordered to deduct money directly from your wages/salary. Also you could be prosecuted if it could be proven that when you had the goods/services you had no intention of repaying the money. I suggest pay what you owe, that way you will be sure that nothing more could happen to you. (Bad debt can affect your ability to gain credit).
5 years for banks, have a friend who stings Barclays bank every 5 years so I am 100% sure. They throw out all paperwork on him and give him another credit card so he does them for another 10 grand. I haven't seen him for about 8 years now tho' so things might have changed. He did them 3 times over 15 years. Used to work for them. He did the round of the banks. Last time he doubled it as he changed his name, with the money paid off the morgage, sold the house and emigrated to Italy.
here's some links that everyone seems to like:
http://credit-cards.ebookorama.com.
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com.
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