What is the statute of limitations UK

Debt is a common aspect of most people’s lives. Whether it’s credit card bills, student loans, or medical expenses, it’s not uncommon to owe money to various lenders.

 

However, what happens when you are unable to pay back that debt? Can creditors come after you indefinitely? The answer lies in the statute of limitations on debt collection.

 

The statute of limitations on debt collection is a law that sets a time limit for creditors to take legal action against a borrower for unpaid debts. This time limit varies depending on the type of debt and the state in which you reside. In this blog, we will dive deeper into what the statute of limitations on debt collection is, how it works, and what it means for you.