Bank and check cashing issue if wipe out in time?

maxined2763 | 18:35 Mon 23rd Jul 2007 | Law

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if a bank acct is closed over 10 years ago and has an issue with a check cashing store and an unpaid check also 10 years ago...does the slate get wiped clean after 7 years like credit on a credit history of a person?

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tstks

I believe that if you owe a debt, and the person or business you owe it to hasn't chased you for it or got in touch with you about it for 5 years then the debt is wiped clean. Obvioulsy some businesses/people will chase you anyway hoping you'll pay out, but legally, the amount of "reasonable time" has elapsed and the debt is not longer due.

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