Acknowledgment of debt
A written or other clear admission that a debt is owed. Depending on the circumstances, it can affect the time limit for enforcing the debt.
Related terms
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Limitation Act 1980
The main legislation setting time limits for many civil claims in England and Wales, including certain debt claims.
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Statute-barred debt
A debt where the legal time limit for bringing a court claim may have expired. The position depends on the type of debt, jurisdiction and case history.
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Limitation period
The legal time limit within which a claim must usually be brought. The period depends on the type of debt, jurisdiction and what has happened since the debt arose.
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