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how long is a debt valid

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Hi my wife was contacted last year by a credit agency claiming she owes them over £500 from a bank account she used to have around 8 to 10 years ago that went overdrawn by about £50. She has asked them for a full breakdown of the debt which they did not give and she heard nothing more until yesterday. When they phoned up her Grandad as this was where she used to live and threatened him with bailiffs as his address was where the debt occurred, he is now really worried and we dont want to pay anything to them. Is there a time limit on how long a debt can be chased in the uk
Regards
Warren

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