Can I cancel a debt I owe if the creditor does not act to recover it in a timely manner?

Question

Under the same law that allows shops to set an expiry date on gift vouchers?

Answer 1

In the U.K. the creditor has 6 years to recover the money, if not the debt is cancelled unless you have acknowledged the debt during that period, in which case the 6 years start after that acknowledgement. You can challenge the debt in a Civil court if you feel that you have been treated unfairly and the judge has the power to cancel it, you'd have to pay to have the case heard though.

Answer 2

Not up to YOU to cancel a debt it is up to the creditor.  There are Statute of Limitations for each state for different types of debt those are the laws that govern collection of debts.  Then there are separate Statutes of limitation for how long those negative things can stay on your credit reports.

Why should you not pay your debts?

Answer 3

Just to clarify.....the Statute of Limitations does NOT cancel the debt.  It simply prevents the creditor from going to court to take legal action to collect it.  The debt is still active and collectible.....they just don't have to legal power to collect.

And RC.....if someone owes you money, why wouldn't you go after it in a timely manner?  That is the purpose of the SOL.  

Edited:

Kile, Just curious.  I'm sure you've read previous answers from me.  I've responded to similar comments like RC's many times.

When a debtor fails to pay, the creditor gives them two choices.  Pay their debt or have their credit ruined for the next 7 years.  Obviously this person didn't pay, and has suffered with bad credit until now.  He's paid his debt!  And now you want him to pay it again?  That doesn't seem fair to me, thus my comment on RC's answer.

And trust me....just because the SOL has run out certainly does not mean creditors will leave it alone.  Do your research?  Why do you think the "bottom feeder" debt collection agencies purchase very old debts?  Because they know most consumers do not know their rights, and don't understand the SOL laws.

The SOL does NOT prevent a creditor from suing someone.  The debtor MUST go to court an offer an "affirmative defense" by stating the debt is too old.  If he fails to do it, the creditor wins, and can then start collection procedures.  And trust me, this happens ALL of the time.  There are companies that specialize in this!  

I seriously doubt a lot of debtors are so guilt ridden that they will pay off debts several years afterward.  Especially when you remind them about how their credit was ruined for 7 years.

Answer 4

nope...they will hunt you down until you pay off the debt

Answer 5

Not that R C needs any back up here his/her advice is correct as it stands.  I see no where that he/she said that SOL's canceled a debt.  Realistically though when the SOL has past the collection efforts are dead and most assuredly when it also comes off of the credit reports.

There are people who go through hard times, get it all together and they WANT to go back and make things right with the people who extended them credit even if that is through a collection agency. Because it not something they could live with, having others pay for their debts.  Yep for every deadbeat I can show you someone who has gone back and made it right or tried to even outside those SOLs.

Since not even a hint as to how much time had passed since the debt was incurred and NOT timely I do not understand the query concerning R C's advice about one paying ones debts.