Can Your Bad Credit Default Be Removed Because Your Old Debt Is Statute Barred
1. What does Statute Barred mean,
2. When is a debt statute barred,
3. When can the time be ‘re-set’.
1. What does Statute Barred mean?
Generally speaking, a debt is ‘Statute Barred’ when it is ‘too old to pursue’.
The ‘limitation’ is usually set by legislation in each State or Territory by an Act such as Limitations of Actions Act
2. When is a debt statute barred?
Australia wide (except NT) is 6 years after you last made a payment or admitted the debt in writing. NT is 3 years.
3. When can the time be ‘re-set’?
The clock resets to zero if you:
1. make any type of payment towards the debt,
2. admit the debt in writing,
3. have a Court Order entered against you.
If the Creditor obtains a Court Judgment, the time is reset to zero from the date of the Court Judgment AND is recoverable for 12 to 15 years depending on which State you’re in.
What does all of this really mean for you?
If your debt is statute barred, it means your creditor can NOT force you to pay the debt. The recovery of the debt is barred by statute.
It also affects the defaults on your credit file. If you have an old default on your credit file, call MyCRA Lawyers on 1300-667-218 and we can confirm your very high chances of MyCRA Lawyers having the debt wiped and your default removed.
Don’t Risk Your Reputation And Your Business, Only Choose MyCRA Lawyers. Call now on 1300-667-218 or refer a client online here.
For your best chance of safely removing a bad credit rating, call MyCRA Lawyers on 1300-667218 for a free, no obligation, confidential chat about your options and how we can help you today. (If it is easier for you, fill in the form below so we can get back to you at a time that suits you better)