Debt

[jay1977jay]

I have a number of debts all but one being more than six years old . i have just received a letter in the post at my address from debt collectors that want to contact me . It looks like i will have to go bankrupt . As i understand any debts will fall of my credit record if they become six years old but are you still legally liable to pay them . Can any one help .

[Ethel]

Most, but not all, debts are statute barred after 6 years from the date of your last contact with them.

This contact includes payment, letter, phone call or visit. It is not 6 years since the date you took the debt on.

Debts will not fall off your credit record until they are paid off.

The statute barring does not work if you moved address without informing your creditors.

[factor-fiction]

Who is the debt owed too? As Ethel says, some debts (eg fines I think and probably tax) don't become statute barred after 6 years

[jay1977jay]

credit cards and store cards . the people who have contacted me are a company called gone away so based on what ethal has said i never gave them a forwarding address so i beleive that bankrupcy is my only option as �20 000 debts is unmanagable for me .

[Ethel]

It is part of your terms and conditions that you keep your creditors informed of your change of address and failure to do so means you lose the right to have a debt statute barred.

It stops people with huge debts disappearing for a few years to stop creditors getting them in to court.

[jay1977jay]

thank you ethol for your help . things are clear now . i know what i need to do .

[factor-fiction]

Ethal? Ethol?

[jay1977jay]

Ethel !

[Uzoma]

By the way, there are a number of options that you have - bankruptcy is the very LAST option. There are other things that you can do - I would suggest that you speak to the CCCS first.