If you dont pay debt for seven years and keep moving hose and change your name Will it be written off.?
- melouofsLv 78 months agoFavourite answer
The debt will eventually be written off whether you move or change your name or not-in most cases. Certain debt (like that to the government in student loans, for example) are NEVER written off, and so you will never be rid of them. If you will not need credit for anything, it really doesn't matter, but few people go through life without financing something like a house or car. Also, some jobs require you have a clean credit report, such as many government jobs, or those in finance. My mom is nearly 80, with no assets and a bunch of debt. That will never be paid.
- 8 months ago
nope. it will end up in different offices of banking *** regulations that you moving jose and takes time .. better wait for 7+3.. but i do not know why people do this
- RichardLv 58 months ago
The statute of limitations is seven years so if the debt is not paid by that time it becomes unenforceable.
- ?Lv 78 months ago
the company you owe might write it off but they will sell your account to a collection agency that will come after you.
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- Milk Tray ManLv 68 months ago
It's six years in the UK and it's not written off but becomes unenforceable. Although if you acknowledge the debt then it becomes enforceable again and the six years starts again. The only exception to this is court fines and tax arrears, they are always enforceable. It might be similar in other countries but you should check.
- Anonymous8 months ago
it will be written off long before that.
But written off is only an accounting term. It wont stop collection efforts or mean you do not owe.
7 years is when it falls off your credit.
PS, you can be sued and your paycheck garnished if you have a stable job.
- TavyLv 78 months ago
No in the U.K.,,,,,,
- Coffee DrinkerLv 78 months ago
It depends on (among other things)
1. The type of debt - for example IRS tax debt NEVER goes away
2. Local laws regarding the statute of limitations
3. What (if any) effort the creditor makes to try to collect the debt. In many states in the USA, the statute of limitations for debts applies when there is an extended period of no activity. If the creditor is continuously attempting to collect the debt by actions such as suing the person and renewing the associated judgement, they can keep the debt active forever.
4. Judges can sometimes make exceptions to laws when there are extenuating circumstances. For example if you owe a debt and you have moved around and changed your name for the specific purpose of making it harder for the debt collectors to find you and collect, they could rule that you still owe the debt even if the statute of limitations had already expired. Or they could charge you with criminal fraud if you took out loans with no intent to repay them.
The bottom line is that life is not that simple. You won't get ahead by running away from your bills. You will go much farther in life if you make good financial choices and face your responsibilities head on.
- JudyLv 78 months ago
No doesn't work that way
- 8 months ago
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