Bank account unpaid

[Harkness]

when I was a student I managed to run up some debt and my bank account was closed in 2000 and I heard nothing from them. Last week Aktiv Kapital sent me a letter about the debt. Do they have any right to collect after the time that has passed?

[sir.prize]

I am sure they do have a right to collect. Otherwise it is unlikely they would contact you. Probably they are governed by the seven-year rule similar to the Inland Revenue. If a debt exists, they can claim it within seven years. That is just a thought.
But as you readily admit that you 'managed' to run up some debt yourself, don't you feel that you have a moral obligation to pay it? That is just another thought!

[CushtyFred]

You owe them money of course they have the right. Just think yourself lucky that you are not owing me money because I will be collection double and breaking your legs moosh.

[Mrs_Pegasus]

It sounds like the debt has been sold on. A lot of banks will sell the debt for a couple of pounds and be able to write it off from their accounts and therefore get some tax relief from it. In theory if this company doesnt have any joy collecting it from you then they to can sell it on and the 7 years start again.

[themas]

The statute of limitations for ordinary debts of this kind is 6 years (not 7), unless a CCJ has been obtained before the 6 years are up, in which case there is no limit. What this means is that if you have made no payments for 6 years and have not acknowledged in that time that you owe the money then the creditor cannot take Court action to enforce the debt. However, the debt still exists - you still owe the money and they can still mess up your credit rating by entering it on the CRA records.

If the 6 years actually are up then you may be able to make a "full and final" offer to settle the debt by paying only a proportion of the amount.

[bricro]

Be a man and pay up.

[SLUGGER.U.K]

Hey Bricro.. some ppl cannot pay off their debts however much they want too.. Its not a case of "be a man and pay up" as you put it , some ppl just get into debt with evey intention of paying but sometimes events can conspire against you such as divorce, health issues, drops in incomes, redundany etc etc the list is endless. Amongst the deiberate big spending credit card fraternity there are is odd hardship case mate... I know i was once there myself !!