Old Debt - Does it Ever Expire?

If you have a very old debt You May be wondering whether it ever becomes too old to be chased / recovered (does it expire?). The answer is that (in Britain), unfortunately, there can be infinitely long and the lender has the right to contact you about it (even though you, as always, is not obliged to talk to them about it). Status of debt and measures to be taken to the Chase to change after some time.

old debt - What happens to

?

If the debt is valid for a period of 6 years, without attempting to contact the debtor and the creditor becomes "statute prohibited". This means that although there is still a debt the creditor can not take any legal action related to it. So you can not make judgments of the District Court or to be in bankruptcy, the statute prohibited the debt. The fact that they can take action often means that the lender in this situation will take a nominal amount for debt settlement.

If you have a very old debt that did not drive for a long time and want to become Staut forbidden what you do not have to do is try and contact the creditor in any way - it will restart the 6-year period. Also keep in mind that the 6 years rule does not apply if the lender is making reasonable efforts to contact you, if for example you have moved.

What should you do?

This is a difficult question to answer because there is no way of knowing whether you will be contacted before the debt becomes statute zabranjen.Opasnosti to wait that long has the added fees and interest that is growing gradually. Only you can decide whether to contact the creditors to try to arrange payment or to hope that they have not contacted at all.