YouвЂ™ll be accountable for a financial obligation if it is something which the legislation claims you need to pay, like council taxation or water costs.
YouвЂ™ll also most likely need to pay a financial obligation in the event that youвЂ™ve finalized a agreement to express you consent to offer cash to some body. This might be something similar to a:
- credit contract, as an example in the event that youвЂ™ve bought a washing machine or applied for a charge card
- tenancy contract, in the event that you lease
If youвЂ™re accountable for a financial obligation it is called вЂbeing liableвЂ™. This means youвЂ™ll have appropriate responsibility to spend it. You should be able to challenge the creditor if youвЂ™re not liable. A creditor is any organisation or person your debt cash to.
Debts youвЂ™re perhaps not accountable for
You may not need to spend a financial obligation if:
- it is been six years or even more as you produced repayment or had been in touch with the creditor
- there clearly was a challenge whenever you finalized the contract, as an example it or the agreement wasnвЂ™t clear if you were pressured into signing
- the creditor didnвЂ™t check always precisely that you might spend the money for repayments whenever you finalized the contract