12 + 1 loophole?

Kallen_2

Ok, i've had a look around the forum but cannot find info on what i heard, so hope this is the right area to post this in, (sorry if it isnt)

i was told that if a payment for a debt is not made for longer than 12 months that the debt is not able to be enforced, is this true?

doodledo_2

I don't believe thats right I think its actually 6 years if you haven't acknowledged the date in anyway.

I could be wrong though Im sure someone in the know will follow shortly.

fermi

Are you thinking of 'Statute Barred' debts?

A debt will be "Statute Barred" if there has been no acknowledgement of the debt by you making a payment or in writing within the relevant limitation period.

If you are in England/Wales then the limitation period is 6 years and you should read:

Link: Factsheet | Liability for Debts and the Limitation Act (England/Wales)

If you are in Scotland then the limitation period is 5 years and you should read:

Link: Factsheet | Liability for debts & the Prescription & Limitation (Scotland) Act 1973