To explain it further here is a possible scenario… Once the prescriptive period expires the debt cannot be allowed as a deduction. These debts are completely extinguished and cannot be enforced. (For details of this Act see Gloag and Henderson 12th edition at Chapter 4.). Under Scottish law, if a lender allows time to pass without receiving any payment an action for recovery may become barred under the Prescription and Limitation (Scotland) Act 1973. These instructions do not apply to debts in Scotland.
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