- I’ve moved abroad, what will happen to my UK debts?
- My debt is years old, can I still be pursued for it?
- What is the statute of limitation?
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Q I’ve moved abroad, what will happen to my UK debts?
Creditors are known to stop chasing those they can’t find, moving abroad doesn’t mean they won’t be able to find you; they have different tactics to trace debtors. Once your creditors find out the country you’re in, they can trace you quite quickly and start pursuing you for the debt.
Q My debt is years old, can I be pursued for it?
Debt does not expire or disappear until you pay it. The law limits the amount of time during which a debt collector may take legal action against a debtor. Statutes of limitation vary depending on the type of debt.
Q What is the statute of limitation?
The statute limitation act 1980 sets out rules on the amount of time a creditor has to take action against you for a debt. The time limits are different depending on the type of debt you have.
You may have a debt with an ordinary unsecured creditor that you’ve not heard from in a while, or you may have moved address and out of the blue you receive a letter from this creditor or a debt collection agency demanding payments. You could argue that the creditor is out of time or “statute barred” from taking you to court for this debt (this will only apply if the creditor has not already obtained a judgement against you, if you or anyone else named on the account have not made a payment on the debt during the last six years and if you have not written to the creditor admitting you owe the debt during the last six years.