Is a Debt Written Off after 6 Years? (Statute Barred Laws)

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People facing debt: Could you write off some debt? Get started here: moneynerd.co.u...
Struggling with debt and unsure about your legal options? Get online legal advice from a UK solicitor for just £5, potentially saving you a fortune in the long run. Click the link: justanswer.9pc...
Read more about Debts being written off after 6 years here: www.moneynerd....
The information provided in this video is for editorial purposes only and not intended as financial advice. Free debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. You can find out more by contacting MoneyHelper. MoneyNerd is not associated with MoneyHelper, we just think they're great.
MoneyNerd does not give specific debt advice and we recommend that you always discuss your personal situation with a qualified adviser that works for a company that is authorised and regulated by the Financial Conduct Authority. With your consent MoneyNerd may pass you on to a trusted debt counselling company or insolvency practitioner. MoneyNerd Limited is an Introducer Appointed Representative of Pacific Financial Solutions Ltd who is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 688034) and is classed as a debt counselling firm. Their in house IPs are Jason Bowen who is authorised to Act in the UK by the Institute of Chartered Accountants of Scotland (ICAS). Licence no. 22150 and Laura Stewart who is authorised to Act as in the UK by the Insolvency Practitioners Association (IPA). Licence no. 23590.

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15 сен 2024

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Комментарии : 14

@MoneyNerd Год назад

Struggling with debt and unsure about your legal options? Get online legal advice from a UK solicitor for just £5, potentially saving you a fortune in the long run. Click the link: justanswer.9pctbx.net/c/2873512/2107196/9320

@drgr33nUK 3 месяца назад

After six years they're removed from your credit file too. Ive removed statue bared debit from my credit file more than once.

@MagicButtersClass Год назад

Great video very informative Only thing that was different to my understanding and experience is the debts don’t harm your credit score after the six years and becoming statue barred as they no longer show up on your credit report anyway?

@MoneyNerd 10 месяцев назад

Hi @kanebroughton2646! You're right- debt that is statute barred will not appear on a credit report, but any account defaults and late payments will. More information can be found here: moneynerd.co.uk/is-a-debt-written-off-after-6-years/ Thanks for watching!

@calliopivogiatzis2235 9 месяцев назад

My husband received court papers from over 20 years ago. He's over 70,had cancer,receives s.s.,works 1 to 2 days a week and is paying a mortgage. If these collectors freeze his account,they will have a problem with us!

@DobuitaDave 2 месяца назад

Hi, If you send the national debtline statue barred template letter to creditors. Does this reset the 6 years? I'm a bit confused if it does or not.

@AlanRohinsky 3 месяца назад

I got a debt 27 years old from DWP now retired they are taking from my state pension, help

@KarlJenkings 5 месяцев назад

Help , £2800 ( overdraft) fled ckuntry ,owed from 20 years ago , letter arrived , what do i do ??

@andymeadows2768 8 месяцев назад

The best thing to do after 6 years is to go bankrupt all debts cleared then it worked for me & I am 10 years debt free now

@MoneyNerd 8 месяцев назад

Hi Andy! I'm glad to hear it worked out for you.

@robingoddard8883 10 месяцев назад

I was not contacted for 7ish years about a debt and I did not contact them and the ccj ran out of date over a year ago and the statute of limitations also ran out and I’m still getting letters but the letters are just asking there no enforcing it I don’t get what’s going on ??

@MoneyNerd 10 месяцев назад

Hello @robingoddard8883! A debt that's Statute Barred will still be there, but it's no longer enforceable. Meaning they can no longer collect it. However, they might still ask you to pay voluntarily, hence the letters. You can request them to stop contacting you using a pre-written letter template you can download here: moneynerd.co.uk/is-a-debt-written-off-after-6-years/ Hope this helps!

@gentysskanderbeg5017 8 месяцев назад

Hi there my debt is over 12 year old have and i have never made any contact with any debt collection agency last night i had a guy nocking on my door which i found strange i have recived letter though and my credit score is excellent , so did the bank has done a hard search due to im buying a house and nothing it did show bank offered me the money. How to stop them from novking on my door thank you ever so much ,

@MoneyNerd 6 месяцев назад

Hi Genty! it's possible that the visitor was not a debt collector but someone who was checking your references (you did mention that you were in the process of buying a house.) I would advise you check your mail and see if you received any post or speak with the visitor so you can understand. Hope this helps!