How long can money be owed before it cannot be reclaimed?
Answers:
7 Years In The UK
I heard it was about 6 years but not sure
its mine!!
Scotland is 7 years.
There is a lot of confusion in the UK over this.
Here are the facts:
After 7 Years a debt will be wiped from your credit record
After 7 years or 10 years or 20+ years you still owe the money and you can still be chased for it but it wont show up on your credit record unless you agree to pay for it by taking another loan.
if you have not chased it in seven years then you can't. if someone owes money letters requesting payment need to be sent and then you could chase it untill they die
Depends on who it is owed to. If it's to the gas or electric company or something just put it on a back burner if you can't pay it. If it is to a friend or relative, pay it, do the right thing. If it is to the local 'grazy geezer' pay it pronto! ha ha
In the UK, or at least England, it is 6 years. I found this out personally. Whether this applies to business dept though, I am not sure.
It depends on how you mean it. its 7 years in the uk and then its written off, but if someone writes a cheque out - it can be bounced 6 months later and you will lose the money. After 6 months its yours. That three days and its cleared does not mean that they cant claim it back!! Trust me!!
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