In the UK, the length of time that a creditor or debt collector can chase you for a debt depends on the type of debt you have. Here is an overview of the limitation period for different types of debt in the UK:
- Unsecured debts (e.g., credit card debt, personal loans): The limitation period for unsecured debts is six years. This means that a creditor has six years from the date of the last payment or acknowledgement of the debt to start a court claim to recover the debt.
- Secured debts (e.g., mortgages, car loans): The limitation period for secured debts is generally longer than for unsecured debts. A creditor can pursue a claim for possession of the collateral (e.g., the house or car) for up to 12 years after the date of the last payment or acknowledgement of the debt.
- Rent arrears: in England and Wales, arrears of rent generally have a six-year limitation period from the date each missed rent payment became due.
It is important to note that the limitation period on a debt may be reset if you make a payment on the debt or acknowledge the debt in writing.
If you are being chased for a debt and are unsure about the limitation period or your rights and obligations, it is a good idea to speak with a qualified UK debt adviser. They can review your specific situation and provide you with guidance on how to proceed.
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