Acknowledgement of debt
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 and it can interrupt or suspend the effect of the Limitation Act 1980 which causes a debt to become unenforceable after 6 years (5 years in Scotland). In the latter case, this document can have the effect of restarting the clock and making the limitation period start from afresh. (v. 12058.3.0)
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