My reference to personal bankruptcy was concerning those people who are evidently already financially on their Rs..as with (presumably) the original subjects of this thread.
A way out of years of misery.
As a property owner...totally different ballgame.
well ive been a property owner since I was 21 and nobody came after me. The debt has to be less than 6 years old I believe for any action to succeed.Originally Posted by grahamw48
Yes, I believe 6 years is correct. The same figure as tax liabilities ?
I would never encourage anyone to get into debt (unless I was selling them double glazing), but sometimes it can be a life or death situation, and it helps to know what options are open to consumers to release themselves from what can become total mental torment.
once the debt has been sold from the original source it becomes very hard to enforce because because the company is gambling on its ability to recover the debt.
Yes, you are right that most debts may be time barred.
Provided that, if during the six years:-
- The lender doesn't contact you about the debt
- You don't acknowledge the debt in writing
- You don't make any payments towards it...
- the lender has not been granted a CCJ (County Court Judgment) against you (it could then still be enforceable even if it's over six years old)
Also debts relating to land such as mortgage shortfalls have a 12 year limitations period.....and some other debts such as court fines, CSA debts, council tax debts, and most HMRC debts.. never get time barred (likewise may never get enforced)
another tip for those in debt when you start to receive the calls never confirm your name to anyone they need to know they are speaking to you as the calls are recorded .and you are correct never answer any letters to them .The debt collecters work on the fear and intimadation to try and collect the debt.also the absolute discharge from bankruptcy is now 2 years not 3 years .
I understand that Graham.....I'm just saying that the 'rules' and costs have changed in recent times.
Of course those on benefits would be no worse off.......given that they may be content to stay on benefits....but they could find the current constraints of bankruptcy somewhat more onerous and long lasting than was the case even a couple of years ago......
especially those who might have aspirations of securing future employment.
As example, bankrupts are no longer allowed to retain any income above the allowable living expenses.
Any IPA imposed by the OR would last for 3 years and may be applied at any time during the bankruptcy period. Imagine 3 years without any disposable income .......... that's rough.
Yes, it is most certainly a way out of misery for many who are eligible, can afford it and feel able to manage the constraints.
I hope I never have to contemplate it.
Yes...understood Peter.
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