I lent a friend money as a personal loan 10 years ago. Is it too late for legal action to collect the debt?
VIC Owed Money - 10 Years Too Late to Collect Debt?
- Thread starter KATRINA DAROS
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- debt personal loan
Have any repayments been made in the meantime and can you prove it? If yes, when was the last payment made?
During this time, have you send any demand notices? If yes, has the debtor responded confirming the debt owed?
Generally, the statutory limitation for starting action for claiming a debt in court is 6 years from the date the debt falls due. This may be "refreshed" where you send the debtor a notice to claim and the debtor affirms the debt, or from when the debtor last made payment: Limitations of Actions Act 1958 (Vic) s 5.
Read: "Do I have to pay an old debt" by the Consumer Action Law Centre.
Generally, the statutory limitation for starting action for claiming a debt in court is 6 years from the date the debt falls due. This may be "refreshed" where you send the debtor a notice to claim and the debtor affirms the debt, or from when the debtor last made payment: Limitations of Actions Act 1958 (Vic) s 5.
Read: "Do I have to pay an old debt" by the Consumer Action Law Centre.
