Rags, Bones, any Old Debts?

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A debt has a shelf life and if a creditor allows it to go stale they could find themselves with no remedy at all. The Limitations Act 1980 determines the time frame in which a creditor is permitted to issue legal proceedings for the recovery of a debt in England and Wales. The time scale depends on the type of debt and can be extended at the courts discretion. The time limit begins from the date the debt became due.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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