What are the laws for statute barred debts in UK?
The laws for statute barred debts are set under the Limitations Act 1980. If a lender does not recover debts from the debtor for a long time, debts become statute barred. Under the Act, there are two types of time limits: • 6 years (simple contracts) • 12 years (contracts under seal) For Scotland, debts become extinguished if a lender does not recover debts. Debts become barred under the Prescription and Limitation (Scotland) Act 1973.
