BANKING AFFAIRS

Detailed explanation-1: -Time-barred debt is typically debt that has past the statute of limitations and cannot be collected. The statute of limitations for collecting credit card debt payments can range from three to 10 years, depending on the state.

Detailed explanation-2: -A debt becomes prescribed after three years (or the applicable time period, depending on your loan type) if a creditor does not request payment from you, contact you regarding legal action against you, start legal proceedings against you, or otherwise establish contact with you.

Detailed explanation-3: -The statute of limitation for recovery of debt was legislated within the Limitation Act 1963, which lays down the limitation periods in various cases and circumstances. For debt recovery, the statute of limitation is three years from the day the money was lent.

Detailed explanation-4: -If a debt is barred under statute, it means that by law (the Limitation Act), the lender has run out of time to use certain types of action to try and make you pay the debt. Statute-barred does not mean the debt no longer exists.

Detailed explanation-5: -Adjective. time-barred (not comparable) (law) That can not be brought to court because the statute of limitations has passed.