Perhaps The Prince Should Sort Them Out.
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For more on marking an answer as the "Best Answer", please visit our FAQ.Extract from the Limitation Act 1980 Time limit for actions founded on simple contract
An action founded on simple contract shall not be brought after the expiration of six years from the date on which the cause of action accrued. (i.e. when the contract is in default, reminders do not count for time)
(1) An action upon a speciality contract (property/land) shall not be brought after the expiration of twelve years from the date on which the cause of action accrued.
(2) Subsection (1) above shall not affect any action for which a shorter period of limitation is prescribed by any other provision of this Act.
(1) An action shall not be brought upon any judgment after the expiration of six years from the date on which the judgment became enforceable.
(2) No arrears of interest in respect of any judgment debt shall be recovered after the expiration of six years from the date on which the interest became due.
Therefore the maximum time a normal contract can be considered unsettled and actionable is six years, however, there is no debt unless court action is taken and the court says so after hearing both sides and then issues a CCJ. Then add another six years before the debt is finally dead, paid or not.