Bank & Credit Cards.

[polarsub]

Does anyone know how long a bank can chase you for outstanding mortgage debt. The scenario being, moving to another part of the country and the bank does not know where you are and the house has to be auctioned off. How long will the bank chase you for and does the same apply for credit card compnays should you decide to do a runner. Thanks in advance.

[Oneeyedvic]

They can chase you forever - well at least until you die.

So long as they send notification to you at your last known address every six years, they can keep on chasing you.

They will (in all likelihood) eventually catch up with you and if successful in getting a county court judgement can ask for and often obtain an 'attachment of earnings order' which means that they will get their money before you straight out of your wages. This will also cause potential embarrassment at your workplace.

[Joowlie]

A very good friend of mine has just gone through this... The answer is 12 years from the date the house is sold on... unless they force you into bankruptcy in which case they can chase you for the debt forever..... people think that bankruptcy is an easy way to get rid of debt but you can never ever own anything of value even after the initial three years they give you until you can get a bank account and start all over again. My father in law was made bankrupt 15 years ago and has spent all of those years building his life back together again. They just got him and forced him to re-mortgage his house and pay them �70,000 for a debt which started out much much less than that plus his solicitors fees of nearly �20,000. If you are going to run then my advice to you would be to put anything of value in someone elses name .......