Hi

i hope you are able to help me with some layman's explanation of what happens to a debt that is outstanding from a debtor.

If outstanding monies have been owed by a consumer to a supplier for example. What is the period before that unrecovered debt is considered forfeited or cancelled by their debt collectors? And what is the conditions of this cancellation? If the consumer claims to have never received a summons or they have moved from last known address, hence not receiving a summon - what happens then?

Also if monies are owing to a bank for whatever reason eg. overdraft facilities that was never repaid. For how long is this debt active with their attorneys or debt collectors?

It would be great if I could get some info that I can understand without all this legal jargon.

Thanks