How long does it take for personal debt to be wiped out in the UK?

Someone I know has £15,000 worth of debt, on credit cards which they haven't paid for 2 years.





The banks do not know their address and haven't contacted them so far. The person also doesn't have a bank account at all now.





Will this debt eventually be written off by the banks, or will it be hanging over them for life?





Many thanks guys :)

How long does it take for personal debt to be wiped out in the UK?
It would take 6 years in total. Then the credit card companies / banks will 'sell the debt on' to Debt recovery companies. These debt recovery companies will find you and try to get you to admit to the debt. If you do admit to the debt (even verbally) then they have you by the short and narrows and you will be liable for the whole lot again on the terms of these debt recovery type companies which is a lot worse. If you simply deny it there is nothing they can do. By admitting it you are giving them a fresh start.


You can be sure that the credit scores of the persons in debt will be very very bad so maybe exploring bankruptcy will be better in the long run as it won't take quite so long.
Reply:My best mate is a credit controller, and whilst it works slightly different for chasing debts from companies, than individuals, he told me that debt is typically written off after six years, or much less if less than about a grand.





I would suggest 'your friend' ;) doesn't register his or her name on the electoral roll, as (trust me) creditors come out of the woodwork years later.
Reply:my fella had some companies chase him after being on the net and this was from 7 years ago so not sure hun x


www.nationaldebtline.co.uk are great they helped us out


just found tele no 0808 08 4000


they will tell you all you need good luck to friend xx
Reply:the debt will remain on record for all time, this person's name will pop up somewhere,sometime you can't hide forever.
Reply:I read that Legally if the debt hasn't been recovered after 6 years there is not alot they can do other than write it off.
Reply:6 years. Apart from council tax and (old poll tax) where they can recover debts up to 20 years.
Reply:If they never contact your friend the debts should, I believe be written off in another 4 years...it`s generally 6 years unless it`s a mortgage then it would be 12.....
Reply:AFTER 6YAERS... I THINK!!!!!!!!!!!!!!!!!!!!!!!

lilac