My son has a small business bank loan but has gone to live in Australia. i have been told that after 6-8 years this is written off. Is this true?
What I believe you are referring to is a debt becoming statute barred.
If a creditor has no contact with someone who owes them money for over six (6) years, the debt can be statute barred or no longer owed.
The question is has the creditor made any attempts to contact someone? Just leaving the country does not do this as the creditor can post notices or attempt to contact the debtor at the last known address.
As a debtor you are obligated to inform your creditors of your address.
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