However, sometimes the time to file a claim is delayed, either due to lack of time, because the debt is not high, because we do not know how to do it or because it entails a cost that we do not want to assume.
However , debts are subject to a statute of limitations , so there will come a time when we will no longer be entitled to claim payment. It is important to pay attention to the deadlines so as not to find ourselves in this situation.
Time limits for uk business email list debts to expire
The statute of limitations on debts is a crucial issue in the legal and financial field. In simple terms, the statute of limitations is the period of time established by law during which a creditor can claim payment for a debt. Once this period has elapsed, the debtor is no longer legally obliged to pay that debt.
Debts expire between 3 and 15 years, depending on their nature , counting from the date on which payment should have been made. Apart from this, we must know that any action aimed at collection interrupts this calculation. That is, if a client should have paid me on January 20, 2015 and I send a claim letter (in a reliable way, such as a burofax), the time no longer counts from January 20, but from the date of the communication.
The fact that a debt has expired does not mean that we do not have the right to claim it. If the party being sued does not claim that the debt has expired, the collection procedure will continue with the necessary actions. On the other hand, a debt acknowledged by the debtor does not expire. Therefore, when it is impossible to pay due to lack of means, a debt acknowledgment is often signed, which will allow us to go to court and request its enforcement at any time.