Does a debt go away?

Question

i had this store card i never actually paid and they have never caught up with me. what will happen? will it be wiped after 6 years if they dont find me? i have moved loads as i was a student what is the protocal with these things?

thanks.

Answer 1

as long as no CCJ has been issued(you can check your credit file), then a debt is classed as statute barred after 6 years.(this is as long as you haven't confirmed the debt in writing or admitting it to a debt collecting agency)

This means they cannot legally enforce the debt. Although DCA's can still send threats and letters they can't actually do anything.

Answer 2

it will never go away.  but 6 years after their last communication with you about it they cannot get a court to force you to pay.  they can however get Big Al and his crowbar to force you to pay up.

Answer 3

you owe them money, they will find you businesses will go long ways to get their money back

Answer 4

debt will never go away so I strongly advise you to call the bank and set up  a payment schedule with them because you dont want to find out when you go to the bank to withdraw some money that you don't anything in there being that they emptied your bank account because they can do that. My ex owe a store credit card that was owned by chase and chase found out that he had a citibank checking account and they took all his money and frozed his account. and that took seven years to catch up with him. so if you have 20 to 50 bucks a month to spare then you should set up a payment plan. Trust me they will work with and not only that but they will also take off some of the interest you owe. Hope this helps!!!

Answer 5

credit card and store credit debt never goes away, the only thing that happens is as follows:

The debt exceeds your states statute of limitations on the amount of time they have to take legal action in court (judgment, garnishment or seizure). States vary in the time frame from 3 yrs up to 20 depending upon the state and type of debt.

The time frame for reporting the debt on your credit reports has passed.  The CRA's report debts in accordance with the FCRA which are as follows:

Unpaid Tax Lien - Indefinitely

Chapter 7 Bankruptcies - 10 years from date filed.

Public Records - 7 years from the date of payment;

Closed or Inactive Accounts - 10 years from the date of last activity;

Derogatory Accounts - 7 1/2 years from the date of original delinquency.

They can still sell the debt to collection agencies and as long as they follow the FDCPA guidlines, try and collect, but that is all they can do.

The only way to make a debt 'GO AWAY" is to have it discharged in bankruptcy.

Hope this answers your question

LEGAL DISCLAIMER:  The advice contained herein is for informational purposes only.  It is not to be construed as Legal Counsel nor Legal Advice.