| Debts do die of old age |
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The Limitation Act 1980 defines the time period when a creditor can still pursue a debtor for an unsecured debt. Generally, this is six years after which the debt becomes "statute barred". This period can be extended in certain circumstances but if you are sat on a debt portfolio that is growing old then you need to consider doing something about it before the six year period is up or otherwise it might be too late. You may of course have already written the debt off. This is normally little more than an accounting exercise and does not prohibit debt recovery action from taking place. Many collection agencies increase their rates for older debts and many others would not go near a debt over one or two years old let alone five years old. Fortunately, Collection House Ltd does not reject such claims and accepts such instructions on our standard rate of 5% on a no-collection no-fee basis. Get in touch with us if you too have debts in danger of dying of old age and we will try to install some life back into them.
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