unsecured loan

[gooner2403]

hi, how long can a bank chase you for a unsecured loan.they have had no contact from me since 2007

thanks

[bednobs]

They can chase you forever till you pay it back

[ummmm]

Longer than that..!!

It depends on the reason they have had no contact. Have you moved and not informed them? If you have then they can chase you forever. If you have informed them of your whereabouts, or haven't moved and they haven't contacted you I think it goes after 6 years.

[Postdog]

I love questions like this where people look for loopholes in fulfilling responsibilities.

[bednobs]

it never "goes" and they caN chase you forever foro money you owe. After six years of no contact (from THEM, not you) then the debt becomes statute barred meaning they can't get a court order for you to pay it back. they can continue to ask you though. it dosen't apply if you've moved and not told them though

[ummmm]

That's what I meant...lol

[gooner2403]

i still live at same address and am not looking for loopholes i lost my job and have only just found another one that pays me less than half i was earning before.putting food on the table was more important than paying my debts

[ummmm]

So the bank hasn't contacted you since 2007 even though you#re still at the same address? Lucky you...now all you have to do is wait another three years and they can't get a court order for the debt.

[bednobs]

have they contacted you about it at all? Some organisations wait till the six years are nearly up before passing it onto debt collectors etc. It's most likley to be in your best interests to contact the bank about it rather than just hope it will go away as it never will

[gooner2403]

no nothing since then but im worried because i still can afford the repayments.if i contact them they are going to start demanding money

[ummmm]

Should that say 'can't afford'?

Well at the moment they are not getting any of their money so most banks would be happy to arrange an affordable payment plan.

[gooner2403]

yes it should of.

[gooner2403]

thanks for the help