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Beadbo

Debt Query

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Hi all,

I just found out someone close to me has 4k of unpaid debts dating back to 2001. I just wondered if anyone knows if the creditors don't catch up with them to recover these debts will they be written off after a 6 yr period?

Any advice appreciated,

Beadbo :ph34r:

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I know that if the taxman owes you money then you only have 6 years to claim it, however if you owe him money he has 25 years to squeeze the life force from you.

Has 'your friend' checked his/her credit file? Unless it is a debt with a bank it is quite likely to be registered. Try Experian or Equifax, online is a fortune but you can send them a cheque (I think it costs a £1 or something similar) and they will send you a copy of your/his/her file.

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It is unenforcible but they will sometimes try it on if they find him. I'm actually in this position myself, write to them saying you can't remember anything about such a loan etc. It was a long time ago. :lol:

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it is OHs, we got the credit report last week from experian and that's how I found out, it is a bank default and a loan from a loan company from when he was young and foolish...it shows a total of 4k owing, I assume that that would include, interest from when the default and loan was taken out, so it was probably 2k owing at the time, I am glad to hear that it is not enforeable so if he manages to dodge it for another yr and a half everything shld be sweet, will it still be wiped from his credit report even if it is not paid back? Cheers folks :rolleyes:

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" After no contact for 6 years the debt is unenforcable "

I think that could be the catch ...... what is defined as "no contact" ....... if they still keep writing you letters or ringing you up etc etc ...... wouldn't that be considered contact EVEN if you don't reply ???

Also, what happens if you manage to "avoid" them for say 5 years and then they catch up with you ...... does that mean your stopwatch has to start all over again and have to somehow dodge them for another 6 years ??? ..... 11 years total !!

No doubt the banks know about this "loophole" so in the beginning, they may do just the bare minimum to get their funds back ...... BUT when the 6 years is about to expire ...... they call in the 'A Team' to find you and pay up !!!

Just can't help thinking that this could be classsed as fraud if done deliberately ???

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it is OHs, we got the credit report last week from experian and that's how I found out, it is a bank default and a loan from a loan company from when he was young and foolish...it shows a total of 4k owing, I assume that that would include, interest from when the default and loan was taken out, so it was probably 2k owing at the time, I am glad to hear that it is not enforeable so if he manages to dodge it for another yr and a half everything shld be sweet, will it still be wiped from his credit report even if it is not paid back? Cheers folks :rolleyes:

Hey Beadbo, head on over to Money Saving Expert . The debt forum is full of people in similar position to you and worst.

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cheers matey, wldnt normally advocate avoiding debts, OH shld have arranged to pay them back at the time, before all the interest accrued, he can't afford to pay them back at the moment and I can't afford to help him pay them back, will have to risk them waiting til the 6yrs is nrly up, as long as we don't have shared assetts, I will not be liable, I hope... We were trying to get a mortgage, (20% off asking price before anyone asks! wreck that needs doing up) and we sent off for credit reports so he had to come clean...ho hum... :ph34r:

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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