4 ms·
What about statute of limitations?
by mixermf 10y ago
What about statute of limitations?
- roel_v 10y agoWhat statute of limitations?
- peteretep 10y agoUnacknowledged debts expire in most jurisdictions
- roel_v 10y agoHuh? No they don't, that'd be an easy way to get rid of debt - just ignore it!
- dagw 10y agoDetails vary for jursdiction to jursidiction and between different types of loans; http://www.consumerfinance.gov/askcfpb/1389/what-statute-limitations-on-debt.html http://www.consumerfinance.gov/askcfpb/1389/what-statute-lim...
- philjohn 10y agoThey do in the UK. If you don't acknowledge a debt for 6 years, and during that 6 years the creditor doesn't take legal action against you, the debt becomes unenforceable - statute barred debt is the technical term. The debt still exists, they can still harass you about it, but you cannot be taken to court and made to pay. Now, in most cases, that doesn't happen that frequently, as most creditors would take you to court well before the 6 years are up.
- roel_v 10y agoSure if the creditor doesn't take action. The Swedes have been taking action for decades.