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When do debts expire? (or do they?!)


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Hi folks,

 

I'm asking specifically about Scotland here, although any English/Welsh information may be helpful to other interested people!

 

When do debts expire? And how? Say, for example, you have a credit card and just stop making payments. They try to hunt you down and can't find you. They pass it on to a collection agency, who also can't find you. Is there a law which specifies a point in time when they can no longer look? Or register items on your credit file? Or if you stop paying when you're 19 could they repossess your house when you're 91?!

 

It's just out of interest, I'm not thinking about doing it! For once in my life my debts are under control and I don't want to rock the boat!!

 

Thanks,

 

Adam.

edinburghbeerbucket :D

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