Hi guys I was just speaking to a friend of mine who I haven't seen for A while I told him about my iva and he said if you ignore all letters and calls from creditors after 5 years your credit file gets wiped clean and that's it I think he is mad but says that's what he did and he has got credit cards Again I take it it's all rubbish
Actually he's not wrong, although I think it is 7 years for normal debts and 12 for a mortgage.
You must not acknowledge your debts at all, have no contact with the creditors and hope they don't catch up with you and send the bailiffs in!!!
It means that they cannot then pursue you for the debts but as to the effect on your credit record, I have no idea.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Ignoring your debts does not escape the Statute of Limitations - which is actually 6 years. This results from a lack of creditor chasing over that period and not someone merely trying to avoid paying their creditors.
