- When does a debt from the past become non-recoverable?
The term is Statute Barred. For unsecured debts if you have had no contact with the creditor or collection company for 6 years then the debt can no longer leagally collected.
- How does the UK rank for insolvency options in comparison to other countries?
Click here to watch the answer to this question from our video series 'Interview with the Insolvency Service'.
- Do I need to be legally separated or divorced to ensure I'm not liable for any of my husbands future debts, or can we continue to just live apart?
The only debts that he might bind you to repay would be only joint debts or debts that you guaranteed for him.
- My lender wants to give me a loan to consolidate my credit card debt with them. Should I do this?
In 2005, lenders like Egg, Abbey and Barclays were targeting credit card customers who were borrowing large amounts of money on credit cards and taking a long time to pay it back. The lenders were encouraging these customers to convert these accounts to a more structured loan. The feeling was t ...
- Is it possible to get debt help without a loan?
Yes, it is possible to get debt help without a loan. Depending on your situation you simply not be eligible for a loan or a loan may not be the most appropriate solution for you. In that case there are solutions like debt management plans, IVAs, or bankruptcy. Just because you feel you might not ...
- A friend of mine co-signed for a debt several years ago with her husband. They divorced and she has been hiding from the creditor. What should she do?
You mention that your friend co-signed for the debt that was never really hers. However the minute she co-signed for the debt she accepted full responsibility for the debts if the other party could not repay them. Co-signing is a serious matter and a lot of people agree to co-sign the loan but ...
- My friend is £25,000 indebt to various creditors. Two creditors in particular are problematical. Perhaps some background info may be helpful. See below.
My friend is a 60 years old lady who has never married. Her parents, with whom she lived until they died some eight years ago, looked after all the finances. She has no knowledge of money matters except its ability to purchase things. Inevitably she sunk heavily into debt totalling some £ ...
- How long can you be chased for a debt? I was contacted by a collection company that insists that I owe money for a debt that I claim was paid more than six years ago.
Your debt may be statute barred under the Limitations Act of 1980. If it was a simple contract the creditor has 6 years in which they can recover the debt. If it was a contract under seal, like a mortgage, they have 12 years in which to recover the debt. Certain actions can start the clock ti ...
- I had a charging order against my property and the debt has now been sold to another lender. Is the charging order still valid?
The answer is that it is probably still valid. Creditors buy and sell debts all the time. Typically, they will assign their interest in the debt to the new owner of the debt, making it transferable and enforceable. If you have any questions or concerns you can make an inquiry with the new deb ...
- I'm deep in debt and don't know what to do.
There are multiple solutions that are available to help people with problem debt. Some like the debt management plan (DMP) are non-binding solutions and a bit more unofficial than other options. An Individual Voluntary Arrangement (IVA) is a more structured solution that becomes binding on y ...
- How does the UK rank for insolvency options in comparison to other countries?
Click here to watch the answer to this question from our video series 'Interview with the Insolvency Service'.
- Does the credit system in the UK work or are too many people insolvent?
Click here to watch the answer to this question from our video series 'Interview with the Insolvency Service'.
- What is the biggest mistake consumers have when they can't pay their bills?
Click here to watch the answer to this question from our video series 'Interview with the Insolvency Service'.
- As I am 3 months behind on my mortgage (interest only) the mortgage company is theratening to evict me out of my home. is it legal to do so?
If you are in default of the mortgage the lender can use all legal measures as identified in the loan agreement you signed with them. This may include repossessing the home but if you want to know what the exact procedure is, refer to that loan document for details. Typically lenders usually wa ...
- If i want to pay my debt will they make me pay interest or can I just get away with paying only the real amount?
The bad news is that your debt plus interest is the real amount. The amount that you owe is not the figure that you borrowed, but the figure that you contractually agreed to when you used the credit. Repaying less than the full amount dues, borrowed amount plus interest, can lead to collectio ...
- I paid for Lifetime membership 2yrs ago for music downloading on my credit card, and now cannot connect to the site. Can I get my money back from my credit card company?
Your issue is actually one better addressed by a consumer complaint representative and not the credit card company. While it is unfortunate that the download site is no longer accessible, the credit card company processed your transaction appropriately and at the time of the transaction you had ...
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