How Long Can A Debt Be Chased – An “All You Need To Know” Guide

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Do you have outstanding monies owed to you? Have clients of yours left invoices unpaid? Then you are probably wondering how long can a debt be chased before it becomes void.

Being in a situation where a client owes you money can be an extremely stressful situation. It is especially important in the current economic climate to ensure this doesn’t happen as maintaining a steady cash flow is imperative to success.

Find The Best Debt Recovery Solutions In The UK

Our trusted network of award-winning partners is able to help you recover any type of debt. Just complete our quick web form to use our free debt collection agency referral now.

Due to the stress resulting from these occurrences, normal in-house recovery processes can in some cases be pushed aside due in an “out-of-sight, out-of-mind” mindset.

In these cases, the person owed many can see such things as more hassle than they are worth, instead focusing on recovering that money in other ways.

This is NOT the case! Leaving debts uncollected can prove fatal to the recovery process, and if left for too long a debt will become void.

Recovering debt can often seem like a greater challenge than it actually is, whether that be in the UK or overseas, but there are methods out there to ensuring a hassle-free recovery at a low cost.

At Debt Collection Liverpool, our FREE service will help connect you to the best professional collection agency based on your own recovery requirements, who will leave no stone unturned.

We can provide all the advice needed to answer your question on “how long can a debt be chased”.

This article will outline the key information regarding how long a debt can be chased for and the precautions to take to ensure you get your monies back.

How Long Can A Debt Be Chased In UK?

If you are in the UK and have a debt that needs recovering, there are things you must know before attempting to do so.

There are various laws and regulations to be aware of when it comes to recovering money owed to you with the length of chasing a debt being among the most important.

If you have clicked on this article, you are most likely looking to find out how long a debt can be chased and it’s imperative to know as to ensure you’re within your rights to still recover the money before beginning the process.

If a debt has passed the point of being able to be recovered, many disreputable collection agencies may take on the debt (at a cost to you) knowing this is the case. Debt Collection Liverpool’s free service only recommends agencies who will only take a debt on if there is a real chance it can be recovered. This saves you valuable time which would have been wasted by choosing an undesirable business.

Featured Commercial Debt Collection Agency Partner

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Federal Management are the No1 Business Debt Collection Agency in the UKOur comprehensive Debt Recovery solution is Low Fixed Fee with No Hidden costs. Since 2004, we have recovered Millions of pounds every year on behalf of UK Companies.

Has Your Debt Ran Out? – Statute Barred

In the United Kingdom, the time frame in which any debt can be collected is six years. All debts after this time frame will be enter a status called “Statute Barred”.

The term “Statute Barred” is outlined under the Limitation Act 1980, which explains that a creditor has six years to chase an unpaid debt. The period of which the limitation starts is from the last payment or acknowledgement of the debt.

The time scale is dependant mainly on the type of debt (as there are Commercial, Private and International Debts) and can be extended at the discretion of the court.

There are exceptions to this rule however as if ANY acknowledgement of the debt is made then the six-year rule is reset.

The reason for the debtor not paying in the first place may have been due to financial difficulties, so the six years in which the debt can be open and recoverable gives enough time to recoup the money on their end.

All debts that are under the six years can still be valid for recovery and if yours meets these requirements you need to speak to an expert.

In relation to debts that have entered the statute-barred period, there are special exemptions to this rule which can be discussed with an expert such as ourselves. Our partners have extensive industry experience dealing with debts in the UK and across the globe.

how long can a debt be chased for

How Long Can A Debt Be Chased Internationally?

To in-house managers and credit-control teams, recovering money within the United Kingdom can seem extremely difficult. When considering recovering debts from abroad, this can often be perceived as “mission impossible”.

We have helped many clients who expressed extreme worry in the topic of international debts as they feared that if the debt isn’t in the same country it’s regarded as unrecoverable. Once more, this is not the case!

International Debt can be made even more difficult as there are various laws and regulations across the world and it’s understandable if you have little knowledge of these.

The statute barred rule can change from country to country. For example, in California the length of time before a debt becomes statue is 4 years if it is written and 2 years if it is verbal.

At Debt Collection Liverpool, it’s our job to assist you with all the information you need to know based on the location of your debtor.

Our partners have expert teams of professional international debt collectors who are specifically trained on the different regulations across the globe and the many factors that impact the process including time differences and languages.

If you have a debt that’s on international scale and you’re unsure how long it’s been since the first acknowledgement, it’s best to get in touch as soon as possible as to not prolong the recovery process.

The service that our partners provide is unrivalled in relation to overseas debt enquiries and we ensure that we maximise the chances of a successful recovery.

Featured International Debt Collection Agency Partner

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Frontline Collection’s network of dedicated International Debt Collection Professionals ensures they have the capability to collect monies anywhere.

Where necessary, they can also enforce Legal Action on your behalf to ensure all is done to get your money back as quickly as possible using the appropriate and most effective means of collecting outstanding bad debt.

Debt Collection Agency Liverpool – How Can We Help?

We hope this article has shed some light on how long can a debt be chased and after learning about the various regulations related to this that you are now at peace and know how to act from here.

At Debt Collection Liverpool, we offer a FREE service which will help connect you to an agency that’s able to assist with your debt requirements specifically.

As part of the UK Debt Collection Bureau, we have a list of trusted member organisations who operate in a highly professional, cohesive and cost-effective manner.

Speak to us now by completing our free web form or call our team on 0333 043 4417 to fast track the recovery of your debt.

It pays to remember: Not all Debt Collection Agencies are the same.

Find The Best Debt Recovery Solutions In The UK

Our trusted network of award-winning partners is able to help you recover any type of debt. Just complete our quick web form to use our free debt collection agency referral now.

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