Can a debt become time barred in Scotland? What is the Prescription and Limitation (Scotland) Act 1973?

What is the Prescription and Limitation (Scotland) Act 1973?

Have you had debts in the past and believe the creditor might be out of time to collect or even chase you for the debt? Well we believe it is time to make Scotland aware of their rights and if they should be paying back a debt they legally do not have to.

So what is the Prescription and Limitation (Scotland) Act 1973? This Act sets out the timeline creditors have to chase an individual in Scotland for a debt owed but please note the timelines differ depending on the matter of the debt. This Act can often be very important to people in Scotland who struggle financially as they may not have to pay the debt back.

So reading this do you have a debt outstanding but you think it may be years old and hoping you don’t need to pay it back?

Well here is the important part! Think in the last five years has any of the following happened with that debt;

The person you owe money to has not already obtained a court decree (CCJ) against you
You have not made a payment towards the debt in the last five years
You have not written to the creditor admitting to the debt
If none of the above has occurred the person you owe money to can no longer hold information on that debt and the debt no longer exists so you DO NOT have to pay it back.

So what debts does this cover?

Unsecured Credit Debts
Store cards
Personal loans
Credit Cards
Old energy bills
Mobile phone contacts
Payday loans
Simple contract debts

If this matter is effecting you get in touch and let us take the stress away.