How long can you chase a debt?
‘How long can you chase a debt for?’ ‘What are the time limitations on recovering money?’ ‘Have I left it too long to try and get the debt paid?’ These are all common questions asked by people who get in touch with us at Daniels Silverman. In this blog we hope to give you some […]
‘How long can you chase a debt for?’ ‘What are the time limitations on recovering money?’ ‘Have I left it too long to try and get the debt paid?’ These are all common questions asked by people who get in touch with us at Daniels Silverman. In this blog we hope to give you some clarity on how long you can try and recover your money for.
The time frame is 6 years, but it’s not as clear cut as simply thinking that if six years have passed from incurring the debt you cannot reclaim the money. If more than six years have passed since the debt began without any correspondence or acknowledgement from the debtor, you cannot legally enforce it. However, if at any point within that six-year period the debtor acknowledges the debt, then the six-year time frame resets. Any debts less than six years can still be acknowledged.
- How long has the debt been due? If it is less than six years you are still able to try and reclaim the money.
- Has the debtor acknowledged the debt? If they have, the six-year time frame resets from the point they do so. If not, and you are still within the six years, you can still try to reclaim the money.
- Assess the debtor’s situation. They may now be in a position where they are able to pay the debt. The business may have been suffering cash flow issues or unpaid debts of their own which are now resolved. Debts can be written off by companies as the debtor has no way to pay but this can change. Using an expert in the field of collection means that they can perform traces to allow them to see credit checks, financial details and the whereabouts of the debtor to see if the debt can now be paid.
- Consult an expert. Using professional and established collection agencies can mean you are more likely to recover your money. At Daniels Silverman we work hard to act professionally and ethically on your behalf to collect your money while preserving your relationship with your clients. The price for collecting a debt does not have to be the loss of a client and any future business.
Daniels Silverman has handled thousands of cases and recovered millions for our clients. We can help you to understand the rules and guidelines that apply to debt recovery and see if your debt is recoverable. We never charge any fees up front and you can be assured that we will honestly assess your situation and let you know if the debt is recoverable.
If you have any questions regarding debt recovery, get in touch. We would be happy to discuss your options with you and see how we can help.