When I was 18 I applied for a credit card and ran up a bill of around 鎷?00. Over the next two years this balance went up and down by around 鎷?0 - 鎷?00 depending on my payment and interest charges. I then moved to university and stopped making repayments. This debt was chased for a little while but since i was no longer living in my family home I never got the letters. Then contact stopped altogether. My question is ... is there a time period (and if so how long?) before the debt is invalid. I%26#039;ve heard nothing for about 4 years and out of the blue received a summons from a new collections company. Where do I stand legally?
Please help asap
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Credit Card Debt Collectors time limit? Regulations, the Law?
in the UK it should be 6 years but I heard there is a law that if the debt is sold on to a collection agency then it starts off from zero and it goes on for another 6 years.
I am not sure if this was an american law as I read about it on the net.
tons here on the topic
http://credit-cards.ebookorama.com
Credit Card Debt Collectors time limit? Regulations, the Law?
Here is the law on old debt in the UK.
If you have a bankruptcy, credit default or county court judgment registered on your credit file, it will usually remain there for six years, after which it should be removed from your credit file automatically.
Limitation period
The Limitations Act 1980 gives creditors a maximum amount of time to start legal proceedings after the last payment or written acknowledgement (note or letter) from the debtor. For most debts, this is six years, or 12 years for mortgages.
Credit Card Debt Collectors time limit? Regulations, the Law?
you owe the debt, the debt never goes away, in fact over those years your account still incurred late charges. Now you must appear in court and prove that you owe that and that the account is yours and pay the entire amount. If you were in a bad situation at the time they may allow you to make payments, but, of course, the account is closed now so you can%26#039;t use it anymore. Ok, so you have made yourself a bad mark on your credit report which will halt you from getting further credit, so you need to solve that. Remember that when you go to apply for a job employers do check your credit report and if you are irresponsible then you might not get the good pay that you desire or the position commensurate with your education, or might not advance and you%26#039;ll wonder why, well it would be because of your credit..
Credit Card Debt Collectors time limit? Regulations, the Law?
pay what you owe it looks better on your credit report
Credit Card Debt Collectors time limit? Regulations, the Law?
SORRY TO SAY YOU BETTER SEE A GOOD LAWYER
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