Does my debt just disappear after 6 years,

Discussion in 'Banking, credit cards, etc' started by Gangadin, Aug 11, 2017.

  1. Gangadin

    Gangadin New Member

    Bank got a judgement against me and registered against the property in 2011.Debt was never acknowledged.
    Now that 6 years have passed what happens?
  2. noproblem

    noproblem Frequent Poster

    I'd imagine the debt stands. It's still owed and has not been paid. It would be some country if we could all walk away from what we owe others
  3. cremeegg

    cremeegg Frequent Poster

    The bank obtained and registered a judgement mortgage against your property, this lasts for 12 years. If you sell within 12 years, the proceeds will have to be paid to the bank up to the amount required to satisfy the judgement mortgage.

    The bank can, within the 12 years, seek to force a sale of the property.

    The six year period, and your not acknowledging the debt, refer to the statute of limitations. These are not relevant here as the bank have obtained judgement.
  4. Gangadin

    Gangadin New Member

    Thanks for clearing the point
  5. Robert4

    Robert4 Registered User

    Just be sure that the bank did actually register the judgment as a 'judgment mortgage' against the property, this will show on a search on your title deeds, in either the Land Registry or Registry of Deeds, depending where your title is held, there is a big difference between judgment being obtained, and judgment being registered against property.