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 statute of limitations for different types of debt in the UK:
- Unsecured debts (e.g., credit card debt, personal loans): The statute of limitations 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 file a lawsuit to collect the debt.
- Secured debts (e.g., mortgages, car loans): The statute of limitations 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.
- Overdue rent: There is no statute of limitations for overdue rent. A landlord can pursue a claim for unpaid rent at any time.
It is important to note that the statute of limitations 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 statute of limitations or your rights and obligations, it is a good idea to speak with a financial professional or an attorney. They can review your specific situation and provide you with guidance on how to proceed.