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What is the statute of limitation on credit card debt in Singapore?
Wiki User
∙ 13y ago
The Limitation Act 1969 (NSW) places time limits on the rights of a creditor to bring an action for the recovery of debts. In most cases a creditor or a debt collector must recover the debt, or commence court action to recover the debt, within 6 years of:
- the date on which the debt first arose or
- the date you last made a payment or
- the date you acknowledged the debt in writing
- The 6 years runs from whichever event from the above list occurs last.
If the creditor does not commence court action within the six years, you will have a complete defence to the debt. There is nothing to prevent the creditor commencing court action, it is up to you to raise the Limitation Act defence, if it applies.
Some examples to explain:
Example 1: Sarah stopped making repayments on her credit card around 5 1/2 years ago. A debt collector contacted her and threatened to commence court action if she does not pay. As she is afraid of court action she makes a small repayment (which is all she can afford). The 6-year time limit begins to run again from the date of that repayment.
Example 2: Kim stopped making repayments over 6 years ago. The creditor contacts Kim to recover the debt. Kim got legal advice and discovered that he now has a defence to the debt under the Limitation Act (NSW).
If you are contacted about an old debt, DON'T make a repayment or acknowledge the debt in writing. Do get legal advice about a possible defence under the Limitation Act (NSW).
Wiki User
∙ 14y ago
Wiki User
∙ 13y agoStatute of limitation on credit card debt in Singapore?
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