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Thread: How long does the debt stand

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    How long does the debt stand

    How long?

    I am just trying to understand this correctly.
    I had a bank call me, telling me that I owe them money for a credit card. they said I opened the account in 1998. I don't remember having a credit card with that bank. Besides that, i have not had any dealings with that bank for 10 years. So lets say I did have a credit card. (which i really can't remember) Can they now, ten years later, after having no contact with them, from them, can they tell me I owe them money and I need to pay them? Wasn't there a ruling that any debt outstanding when the new credit act came into passing the debt would be resolved, non existent. What is the time period that someone can contact you and tell you you owe them.

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    Does the debt prescribes after 3 years?

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    Site Caretaker Dave A's Avatar
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    Tell them you don't remember having a credit card with them, and in any event the debt would have prescribed.

    Tell them to write (not phone) setting out the details if they feel they have a case - so that you can pass it onto your lawyer to handle.
    The trouble with opportunity is it normally comes dressed up as work.

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    Gold Member garthu's Avatar
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    Just hazarding a guess...20twenty?? Really just a wild guess but i do know that there debt was sold on and to several places.
    Garth

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    Full Member G Robin's Avatar
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    Debt is Financial headache you can't escape but it can be solve.....

    To have a credit card that time back..would tear you apart with the interest,the best is to come in contact with that bank,and tell your side,and see if there any evidence you have a credit card...bank statements etc.


    Always remember the truth...will give you financial freedom and lies will always destroy the money you have.............

    Hope the best
    Last edited by Dave A; 10-Aug-10 at 07:46 PM.

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by G Robin View Post
    To have a credit card that time back..would tear you apart with the interest,
    Thank goodness for the in duplum rule. The worst case scenario is you would owe double the original debt. That long ago and factoring in inflation, the total debt would probably be less now than it was then if you compared it in actual buying power.
    The trouble with opportunity is it normally comes dressed up as work.

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