Acknowledgement of debt
About this service
When signed, this document will acknowledge the debt that is owed by one person to another, the reason why the debt arose and the amount owed. This serves two very important purposes:
- It makes it easier to prove the existence of a debt if it is later disputed.
- It can interrupt or suspend the effect of:
- In England, Wales and Northern Ireland, the Limitation Act 1980 which causes a debt to become unenforceable after 6 years
- In Scotland, the Prescription and Limitation (Scotland) Act 1973 which causes a debt to become unenforceable after 5 years in Scotland
In the latter case, this document can have the effect of restarting the clock and making the limitation period start afresh, although it will not have this effect if the acknowledgement is made after the limitation period has already expired or if the acknowledgement is not made to the person to whom the debt is owed (or his/her agent).
This product is suitable for use in: England Wales
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- 1 Your document reviewed by our team of legal professionals within 3 working days
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- 3 Helpful explanations and guidance throughout
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- 5 Secure online document storage, tracking and print facility
This document is available as part of our Business law plan
Most documents take about 15 - 45 minutes
You can try the service out beforehand, and can save your progress at any time and come back to the document later.
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- Fill in an questionnaire online Answer the straightforward questions at your convenience
- Submit to a team of legal professionals Our team will advise you and approve your document
- Print and sign your document Once approved, simply print and sign your document
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"Fantastic! The legal document I used was so comprehensive and easy to complete. It is very reassuring to know my business now has this level of protection"