even if you clear it up with the bank and assuming here was still a record of your default to this day i understand that steps would have to be taken presumably by the bank to have your black mark removed. Banks dont tend to pro actively do that unless theres something in it for them. Probably opening up a can of worms.
Posted via Mobile Device
Last edited by Loz_2; 16-11-2009 at 06:28 PM.
Yes - thanks for the correction, PDLM. There is international agreement on statute limitations and in HK it is definitely 6 years for written or oral contracts. This is probably a relic from the pre-handover days as it is the same as England and Wales.
There are some caveats. Notably, provided the OP has not made a payment against the debt for 6 years or admitted the debt in writing to the creditor within the the last 6 years then he/she could reasonably argue that the creditor is statute barred.
This post needs some clarification :-
The period of six years applies from the last communication by one of the parties to the other - not from the date the debt was incurred..
If there has been no evidence of any communication for 6 years, then the Statute of Limitations applies.
But the statute of limitations merely refers to the deadline by which the bank must "commence" legal action against the OP? Even thought its 10 years since the default, if the bank commenced legal action within the first 6 years of the default, then technically, they could still continue the legal action against you. I don't know whether such legal proceedings were commenced, or, if they could be in abeyance for so long, but I wouldn't presume that you are in the clear just like that.
It is not a question of whether legal action has been taken.
All the bank needs to have done within the six years from the last communication (not 6 years from the the default date) is to have sent a letter or statement or whatever requesting settlement.
In the abscence of any communication whatsoever whithin the last 6 years, then recovery would be statute barred.
Last edited by V. Boller; 20-12-2010 at 02:16 PM.