Debt Consolidation

Custom Search
 

Debt Consolidation
Debt Relief
Mortgage
Credit
Bankruptcy
Purchase Your Future
Debt Relief with
Drowning in Debt?
What the Mail
Five Major Ways
Free Quick and
Free Quick and
Creating A Realistic
Hide That Car!
Dealing with 'Thing'itis
Should You Invest
The 5 Secrets
Mr. Cheapie's Frugal
Start Small and
Debt Collectors; And
Bankruptcy, Is It
Top Ten Reasons
What Is A
Is There Any
What Is A
Debt Collectors: Men
Personal Debt Reduction
Take Careful Consideration
Life After Debt
How To Get
Currency Trading Fee
What is Debt
Assess Your Financial
Why You Should
Debt Validation: Do
Bankruptcy: What You
Bankruptcy As An
Bankruptcy: Which
Bankruptcy Abuse
Bankruptcy Reform
Sitemap
Debt Consolidation
Debt Relief
Mortgage
Credit
Bankruptcy
 
Credit Card Debt Statute Of Limitation - What You Should Know
by Delia Galley
Each state has a statute of limitations on old credit card debts. The statute of limitations refers to the period after which, creditors cannot sue you to collect the debt. The length of time is calculated from your last payment date or last activ

Each state has a statute of limitations on old credit card debts. The statute of limitations refers to the period after which, creditors cannot sue you to collect the debt. The length of time is calculated from your last payment date or last activity date (this is when you last used the card).

Refer to the old debts statute of limitations chart, which details the statute of limitations by Oral Contracts, Promissory Notes, Written Contracts and Open-Ended Accounts. Note that the transient nature of state legislature requires you to verify the statute of limitations period with your State Attorney’s office. For more information go to www.naag.org.

In the past 10 years, a growing trend has ensued, where aggressive debt collectors buy old debt accounts and actively pursue consumers to collect the debt, even though the statute of limitations has past. They purchase these accounts for pennies and hope that you will pay up. Even if, you pay $1 on the account - they make a good profit.

This is a violation of the Fair Debt Collections Practices Act. Some creditors even lie and say that the statute of limitations starts from the day that they purchased the debt account. These companies are so bold that some of them will threaten to sue you and in fact proceed with the court case – don’t give in. Others will harass you day and night, use profanity or promise to erase negative marks off your credit repot, if you send in a minimal payment.

If you find yourself in this situation here are a few tips on what to do:

Do not send in a payment - if the statute of limitations is past in your state. Doing so, will make your delinquency look recent. It will also give the debt collectors the idea that you are an easy target and they may attack you on other fronts.

Keep an eye on your credit report to make sure that they are not reporting negative information about you. Your old debt account should not be reflected on your credit report since the statute of limitations is past. If you find that they are reporting the information, take corrective action immediately and fix any errors.

If possible, ignore all contact with the debt collection agency. Do not accept their phone calls. If they send you notices in the mail, you will want to keep these as proof of their harassment.

The Fair Debt Collection Practices Act indicates that there are certain things that creditors cannot do in their attempt to collect debt. Go to www.poorcreditgenie.com/answers.html for a list in plain speak. For a complete list, go to www.ftc.gov/bcp/conline/pubs/credit/fdc.htm.

Verify the statute of limitations information with your State Attorney’s office and solicit further advice on how to navigate your situation.

The author is the owner of the information-rich website http://www.poorcreditgenie.com - a "Drudge Report" of credit. The website offers free advice on how to rebuild credit and manage debt. The site also features numerous articles and news stories on credit reports, credit cards and bankruptcy.

 
The site is not responsible for any content in it. E-mail: alldir[at]gmx[dot]com
debt consolidation, home loan, mortgage, debt free, debt help, refinance, equity loan, unsecured, secured debt, bankruptcy, credit card , bad credit, payday, cash advance, cash settlement, line of credit, student loan, interest rate, borrow money, car loan, adverse credit, compensation, quote, credit score, consolidate debt Mountain Home Covington South Fork borough Benedict Mackinaw village Milton East Ellijay Hutchinson Catawba village Jamestown Boxholm Balance of Concho County Loxahatchee Groves town Balance of Brown County Gouldsboro town Edmonson County Blue River township Hickory township Evergreen town Bartlett Cromwell town Brick township Rathbun White Mountain Bruno village Martinez Whitefield town Balance of Brown township North Cleveland Monticello USA UK Australia Canada Senegal United States Macau India Pakistan Germany Mayotte Algeria Netherlands Glamorgan Northumberland East Lothian Roxburghshire Leicestershire Berwickshire Essex Nottinghamshire Kent Argyllshire Oklahoma (OK) Virgin Islands (VI) New Jersey (NJ) West Virginia (WV) Marshall Islands (MH) North Carolina (NC) North Dakota (ND) South Carolina (SC) American Samoa (AS) New Jersey (NJ) Arizona (AZ) American Samoa (AS) Rhode Island (RI) Wisconsin (WI) North Dakota (ND) North Dakota (ND) Federated States of Micronesia (FM) Nevada (NV) Pennsylvania (PA) Colorado (CO)