Debt collection вЂ“ Old Debts
is a lot more than six yrs old (or three years within the north Territory) it’s essential to learn your legal rights.
You might not have to pay for a classic financial obligation if you have made your last re payment a lot more than 6 years back (or 36 months ago within the north Territory). This can be called a statute banned financial obligation. In cases where a financial obligation is statute banned this means you have got a defence if some body commences appropriate action against you to definitely recover your debt.
How to handle it in the event that you owe your debt
May be the financial obligation statute barred?
- you have got perhaps perhaps not produced re re re payment
- You’ve got not recognized your debt written down
- No court judgment happens to be entered against your
Different rules make an application for financial obligation secured by a home loan over genuine home (for instance, mortgage loan).