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Once a debt collection agency has been called in does this mean that the bank issuing the credit card is no longer chasing me?
Once a debt collection agency has been called in does this mean that the bank issuing the credit card is no longer chasing me? How long is it before the debt can no longer be collected?
Its very difficult to know for your specific case. If the default is recent then it is very likely that the lender has called in a debt collector who is employed by the lender usually on a percentage basis. The debt will not have been sold on.
Once the debt has been sold by the lender to a debt collector then yes, it is they who are chasing you not the bank.
After 6 years from the date of default the lender cannot enforce the debt through the courts. However the debt is potentially still live if you have had communication with the lender or the debt collector in that time.
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