debt written off

[northboy]

what is the length of time a bank writes off a debt.
i thought it was 6 years my girlfriend says 7
or does it depend on the bank or building society

[redcrx]

the debt is never "written off"

you still owe it

[northboy]

are you sure

[redcrx]

are you thinking of debts that are statute barred

http://www.hmrc.gov.u...tmanual/ihtm28384.htm

the debt isnt written off even then

[ChuckFickens]

It 6 years, but only if they have not attempted to pursue the debt for that period.

If they have been chasing you and you've just not been paying it then it won't get written off.

[Mamyalynne]

some info here, but it may have been superceded by new legislation.

http://www.payplan.co...mitation-act-1980.php

[redcrx]

" debt is considered Statute Barred if a creditor has not contacted a debtor for a period of 6 years and no action has been taken on the account.

Although the debt is still legally acknowledged as being owed, the creditor is not able to take any legal action against the debtor in order to recover the debt"

It is still owed.

http://www.debtquesti.../legal_yourrights.php

[ABerrant]

A bank may "write off" a debt at any stage it chooses; the criteria for a bank to do so will be a purely internal business matter and may depend on the size of the debt and the time required to chase repayment, amongst other reasons. There is no legislation that can force the bank to write off the debt, only to make it impossible to pursue repayment through the courts once a period of non-pursuance has passed [Limitation Act 1980; Limitation (Northern Ireland) Order 1989; Prescriptions and Limitations (Scotland) Act 1973].

Also consider that the banking industry tends to use a different definition of "write off" to that used by the general public:

Joe Bloggs may think "write off" = cancel, as if it never existed.

Banks think "write off" = pass debt to collection agency and place default on credit file.

[katekoala]

would like to clarify as i liaise with banks & the financial ombudsman service..

banks do nto use the term 'write off' unless they are physically releasing the customer from the full or part of their obligation to pay... the correct term is 'charged off' or 'defaulted' once it goes to collection agents..

Banks will not remove a debt unless (as previous answers state) no one has collected on the account for 6 years. however, this does not include calls, use of tracing companies, agents etc etc

after your debt has been paid in full or in part (at any level of delinquency) it will remain on your file for 6 years AFTER.

Hoep that clarifies the matter.