WHAT HAPPENS AFTER 7 YEARS OF NOT PAYING DEBT?
When Entering A Contract To Borrow Money (Or On Credit), A Specified Timeframe Is Required To Be Mentioned By Which You Must Repay Your Debts. In Case You Haven’t Paid Back The Due Amount By The Due Date, The Lender (Or “Creditor”) Would Have The Right To Pursue Your Repayment By Way Of Asking Through Letters And, Later, Through Legal Action. The Lender Sometimes May Run Out Of Time To Get What Is Being Owed, As The Debt May Later Become Void (Statute-Barred). In The Discussion Below, We Shall Discuss How Long A Debt Collection Agency Could Pursue An Old Debt In India. If There Is A Time Limit When Pursuing A Debt? Every State Has Different Statute Of Limitations For The Matter Of Debt, And After The Limitation Period Has Passed, A Debt Collector Could Not Pursue You Legally For Repayment In Court. Each Debt Will Have A Time Limit. A Debt Would Become Statute-Barred After A Certain Amount Of Time Has Passed. Statute Of Limitation For Debt Recovery In India The Statute Of Li...