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is there a cap on how far back the debt is being owed

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11 years 9 months ago #706 by info@bostico.co.uk
is there a cap on how far back the debt is being owed was created by info@bostico.co.uk
One of my clients came to me for help (funny as i use to chase him for money) as apparenly he liked my pitch when collecting the money. He said he is being owed over 5k from 2006. I said it would be a too old debt...but thought i will check. Any ideas? thanks
Andreea Bostan

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11 years 9 months ago #707 by David J
Replied by David J on topic Re: is there a cap on how far back the debt is being owed
Hello Andreea
It would depend on when the debt became overdue in 2006.

Under the legislation you can go back 6 years retrospectively. Any later than that and you cannot use the legislation to chase the money. He must also keep in mind that the longer a debt stays overdue without being chased, the harder it will be to collect.

Regards

David

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11 years 9 months ago #708 by info@bostico.co.uk
Replied by info@bostico.co.uk on topic Re: is there a cap on how far back the debt is being owed
David,

from the emails i have seen this is for a Franchise agreement for a magazine. The contract stipulated that this sum was to be paid throught of 2006. The contract was signed in 2006 and expired in 2009. Some payments were made in 2006.

Which legislation is that, which states that you can only go back 6 years? so I can point him to the right direction.
Thanks
Andreea Bostan

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11 years 9 months ago #710 by Safe_UK
Replied by Safe_UK on topic Re: is there a cap on how far back the debt is being owed

David,

from the emails i have seen this is for a Franchise agreement for a magazine. The contract stipulated that this sum was to be paid throught of 2006. The contract was signed in 2006 and expired in 2009. Some payments were made in 2006.

Which legislation is that, which states that you can only go back 6 years? so I can point him to the right direction.
Thanks


Hi Andreea,

The legislation in question is The Limitation Act 1980

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