Confronting debt problems is no easy task, especially when the threat of bailiff enforcement agents looms large. The prospect of debt collectors knocking on your door and demanding immediate payment is undoubtedly disconcerting.
The statute of limitations, often known as the Limitation Act 1980, specifies that a creditor has a limited time to pursue a debtor for payment. When the stipulated time limit passes, the debt becomes statute-barred.
It can be incredibly worrying to receive a default notice, but it’s important to take a second to breathe. You won’t be the first person to miss payments to a lender, and you certainly won’t be the last.