I have an unsecured debt with the back. (It was a write down from residual debt leftover after selling investment properties)
But now I can't pay the write down either. And the bank ain't for budging.
My understanding is they can no longer legally come after me after 6 years? Is this correct?
If so, from when does the clock start?
I sold the properties about 2 years ago. But agreed on the writedown amount a year ago - but reneged due to losing job. Does that mean in 5 years I'm in the clear assuming they don't try to make me bankrupt?
Does th clock start 2 years ago or one year ago?
Did I read someplace that the clock starts over to 6 years again if I in anyway make contact with the back or respond to any of the queries during the 6 year period?
Or are there any other intricacies I should know about on this law?
As it stands the bank have not lodged a judgement against me.
Does the 6 year rule be one redundant if they do lodge a judgement against me? Or is it applicable regardless?
But now I can't pay the write down either. And the bank ain't for budging.
My understanding is they can no longer legally come after me after 6 years? Is this correct?
If so, from when does the clock start?
I sold the properties about 2 years ago. But agreed on the writedown amount a year ago - but reneged due to losing job. Does that mean in 5 years I'm in the clear assuming they don't try to make me bankrupt?
Does th clock start 2 years ago or one year ago?
Did I read someplace that the clock starts over to 6 years again if I in anyway make contact with the back or respond to any of the queries during the 6 year period?
Or are there any other intricacies I should know about on this law?
As it stands the bank have not lodged a judgement against me.
Does the 6 year rule be one redundant if they do lodge a judgement against me? Or is it applicable regardless?
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