How long before a debt runs out in uk

Question

uk only i repeat uk only no americans

i have a loan debt that's about 7 years old

i lost my job and couldn't afford to pay it

after making a few small payments i heard nothing from the company

i got a job and contacted them to organise repayment

was told i had to write with an offer

i did this twice and received no reply

now i have a debt collection agency on my back

as far as I'm concerned i contacted them to arrange repayment they didn't reply they missed the chance why should i pay it back now

Answer 1

The simple answer is never especially any tax or rent arrears. There is a rule of thumb that if you can prove that they hadn't contacted you for five years it may be written off. This doesn't count for the above debts.

Answer 2

Cos yah still owe the fookin money lol!

Answer 3

hiya if either party have had no money or dealing with each other in the last 5yrs.then you don't need to pay it it will be wiped clean.so don't get in touch with them. good luck.x    

Answer 4

i was told they had a time limit of 6 yrs,so you may of got out of it,its best for you to contact a citizen advice centre,they will tell you better,

Answer 5

A debt never runs out and is never removed from your credit profile. It will still have an effect when applying for finance. You also have to bare in mind that the people/company that now own your debt could still have it on their records, so as soon as you make an application for finance, you could be flagged and they may begin pursuing you again. You've already proved you can not be trusted to pay back a loan.

Answer 6

6 years but there has to have been no contact made by either party. having said that if they take you to court you can say you have made contact and they havent responded.

by law they can chase you for the debt but cannot make you pay it.

good luck i hope you triumph.

Answer 7

Because you owe it, you admit that.

Now it's going to get worse because the collection agency are entitled by law to add on their collection fees.

If they have to instruct bailiffs then the bailiffs add on their fees.

Answer 8

Sounds to me your paperwork got lost and some idiot then took time to find you. Now they are asking for it back.

You have to pay or they will send the baliffs.

Just do it too much stress that is man. Sucks i know.

Good luck x

Answer 9

I think you are gonna love me for this, ... i just found an article on the 'statute of limitations' on uk debt. It should generally clarify things (since from what i've seen its based its reasoning on statute) unless ofcourse the law has changed.

Please read it cause i've not read the whole thing (then research further).

http://iq.lycos.co.uk/qa/show/29443/Is+t...  

Answer 10

They sold the debt on to the people chasing you now. A debt does not run out if you don't pay it. It might be written off but not in this case. The lender has sold the debt (let's say it's £20K including interest and charges) to an agency for a fair bit less. Offer them £5k to go away.