I have a significant debt owed to a bank. However - I am thinking letting it run the 6 years whereby the statute of limitations runs out meaning I will no longer be legally obliged to pay the debt.
However - will this outstanding debt always show on my ICB report forever more? And if so, does it mean I will never be granted a mortgage by another bank?
Alternatively - does anyone know the scenario around getting a mortgage after going insolvent? How difficult is it? How many years does it take before I may get granted one?
Yes.However - will this outstanding debt always show on my ICB report forever more? And if so, does it mean I will never be granted a mortgage by another bank?
The bank will issue legal proceedings before 6 years of no payments. Plus it's not as simple as 6 years... it depends on the nature of the loan. Put simply this is a very bad idea and will remain on your icb for longer than 6 Yeats in all likelihood
Yes.
Statute of limitations is a risky game to play. Once it runs out, the lender cannot enforce the debt, but that doesn't force them to remove it from credit registers.
In fact CCR legislation forces them to keep it until they no longer consider the debt owed.
Yes, it happens.DO you know of this happening frequently? Or at all?
if I walk away from the debt am I running the risk of never getting a mortgage?
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