friend about to emigrae but has a huge bank loan. Statute of limitations (Ireland)

[dubchick81]

Can someone please explain this to me?
My friend is talking about emigrating but has a huge bank loan.. he says if he stays away long enough the Statute of limitations comes into effect and his loan is wiped.. Or he can't be chased for it or something along those lines.. I dont want to see him landing himself in a pile of trouble and the official site is written in such gobble-de-gook..

Thanks for your help..

 

[Guest122]

I think the Statute Of Limitations is about 6 or 7 years for debt not followed up on.
But once the bank seek repayment the debt remains active, so all they have to do is send out a letter demanding repayment every year and the debt remains active (accumulating interest all the time).

I would advise your friend to talk to their bank and try and sort it out...