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This is an informal option, creditors have a certain amount of time in which to take court action once an account has defaulted.

This is 6 years for most simple contract debts, though some debts have different time frames.

If there is no written contract or payments made in the relevant time frame the debt can become ‘Statute Barred’.

This means the creditor has run out of time to take court action. This can be a risky strategy.