If you have a very old debt, you may want to know if it becomes too old to chase/take back (it will expire?). The answer is (in the United Kingdom). Unfortunately, debt can exist indefinitely and creditors have the right to contact you about this (although you have not been obliged to explain this to them). Debt conditions and measures that can be taken will change over time.
Old debt - what happened to it?
If debt persists for 6 years and there is no link between the debtor and the creditor, it becomes a "law prohibition." This means that although the debt still exists, the creditor cannot take any legal action related to it. Therefore, you cannot get a county court ruling or bankruptcy because the law prohibits debt. Failure to take any action usually means that the creditor will accept a nominal amount to settle the debt in this case.
If you have old debt that hasn't been chased for a long time, and you want it to be a loser, you can't make any attempt and contact credit in any way - this will restart the six-year period. Please also note that if creditors have made reasonable efforts to contact you, for example if you have moved, the 6-year rule does not apply.
What should you do?
This is a difficult question to answer because it is impossible to know what you will be exposed to until the debt statistics are forbidden. The danger of waiting is that debt has increased interest and interest, and gradually becomes larger. Only you can decide whether to contact the creditors to try to arrange payment or hope they do not contact you at all.
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Orignal From: Old debt - does it expire?
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