is there a statute of limitations on collecting a debt?

Answer 1

I'm afraid the above people are incorrect. There absolutely is a statue of limitations for collecting a debt. It goes by the type of debt and the state in which the debt laws are under. Please take a look at the sources section for a link to a website that shows the statue of limitations on debts by state.

Just because there is a statue of limitations on collecting the debt does not mean that they still cant report it to your credit. They just cannot harass you and it is often easy to get it removed by paying less than you owe. (by your question I cannot tell if you are going after someone who owes you money... or if someone is trying to collect against you... So I am just assuming someone is trying to get money from you.)

If you want the item removed from your credit you can contact the collection agency or the original debtor by mail (be sure to do everything by mail as it will give you proof in court if it has to go there) Make sure to send all letters certified mail also, and keep copies for your records.

I suggest you first dispute the claim that you own the money and ask for a copy of your signature on the document stating that you accepted the terms of the loan (or whatever they are after). Please note it is illegal to dispute items that you know you owe, but if you honestly feel you dont owe it or cannot remember back that far, etc then it can be disputed with both the credit reporting agencies (transunion, equifax, experian) and to the collection company or the original person who claims you owe money.

If that fails or you find out "Opps I remember doing that now" then you need to clear the mark from your credit. Legally they cannot harass you and it is just in your best interest to clear the matter. You can often settle for less than you owe, since they know they cannot legally come after you for the debt since it is so old. Be sure to get in writing that they are willing to accept $xxx.xx and will remove the matter from your credit. When you send the check send a "Restrictively Endorsed" check and letter. AGAIN keep copies of everything.

The "Restrictively Endorsed" letter will pretty much read as follows:

Dear SO and So,

Please find inclosed a check for the amount of $xxx.xx which is to be used to pay off my account XXXXXXXXX. Your acceptance of this check signifies that the account is paid in full and that you will remove all derogatory items from my credit report for all of the major credit bureaus.

Thank you so much,
So and So.

When and if they deposit that check... They have just agreed to the terms in your letter. Again the letter and check must be in the same envelope. They must be sent registered mail, and keep a copy of everything.

Hope this helps you to remove that collection or at least clear it up (again the statue of limitations is below for your review). If you are trying to collect a debt then the below link will help you to decide the statue of limitations also.

Answer 2

I'm afraid the above people are incorrect. There absolutely is a statue of limitations for collecting a debt. It goes by the type of debt and the state in which the debt laws are under. Please take a look at the sources section for a link to a website that shows the statue of limitations on debts by state.

Just because there is a statue of limitations on collecting the debt does not mean that they still cant report it to your credit. They just cannot harass you and it is often easy to get it removed by paying less than you owe. (by your question I cannot tell if you are going after someone who owes you money... or if someone is trying to collect against you... So I am just assuming someone is trying to get money from you.)

If you want the item removed from your credit you can contact the collection agency or the original debtor by mail (be sure to do everything by mail as it will give you proof in court if it has to go there) Make sure to send all letters certified mail also, and keep copies for your records.

I suggest you first dispute the claim that you own the money and ask for a copy of your signature on the document stating that you accepted the terms of the loan (or whatever they are after). Please note it is illegal to dispute items that you know you owe, but if you honestly feel you dont owe it or cannot remember back that far, etc then it can be disputed with both the credit reporting agencies (transunion, equifax, experian) and to the collection company or the original person who claims you owe money.

If that fails or you find out "Opps I remember doing that now" then you need to clear the mark from your credit. Legally they cannot harass you and it is just in your best interest to clear the matter. You can often settle for less than you owe, since they know they cannot legally come after you for the debt since it is so old. Be sure to get in writing that they are willing to accept $xxx.xx and will remove the matter from your credit. When you send the check send a "Restrictively Endorsed" check and letter. AGAIN keep copies of everything.

The "Restrictively Endorsed" letter will pretty much read as follows:

Dear SO and So,

Please find inclosed a check for the amount of $xxx.xx which is to be used to pay off my account XXXXXXXXX. Your acceptance of this check signifies that the account is paid in full and that you will remove all derogatory items from my credit report for all of the major credit bureaus.

Thank you so much,
So and So.

When and if they deposit that check... They have just agreed to the terms in your letter. Again the letter and check must be in the same envelope. They must be sent registered mail, and keep a copy of everything.

Hope this helps you to remove that collection or at least clear it up (again the statue of limitations is below for your review). If you are trying to collect a debt then the below link will help you to decide the statue of limitations also.

Answer 3

There is no statue for collecting the 7 year myth is only for credit bureau reporting but they can collect until the debt is paid, 5,10, even 20 years there are again statues for reporting and filing judgements but debts remain valid until they are paid.

Answer 4

depends on the debt if it was from a court case it depends if there was alien or not in ma the lien is 7 years but can be renewed

Answer 5

Talk to a credit councilor or lawyer they can give you the best advice and counseling.

http://www.bbc.co.uk/consumer/guides_to/credit_index.shtml

Answer 6

Nope they can go after you till you pay them or they get tired of chasing. After that they just destroy your credit.

Answer 7

nope