2006-09-21 12:50:32 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Oral Contract: 4
Written Contract: 5
Domestic Judgment: 5 renewable
Foreign Judgment: 6 renewable
You didn't specify what type of debt it is, but if it is credit card then it would be considered open acct 4 years.
2006-09-21 15:06:17 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Nationwide it is about 4-5 years.....
But something to watch out for.......
A lot of companys sell their old debts to professional collection companys after about 3 years. These are companys that pay the first company maybe 10 cents on the dollar ( $30 on a $300 debt). The original company has already written you off and your debt is clear with them, but the debt professionals try to bully or scare you with bad credit threats to get you to pay.
IF YOU ACKNOWLEGE THE DEBT OR PAY A SMALL PAYMENT TO THE NEW COMPANY, IT IS CONSIDERED A NEW DEBT AND THE TIME STARTS ALL OVER AGAIN.
Simply ignore the new debt company and they can't do anything.
2006-09-22 01:53:08 · answer #2 · answered by mslider2 6 · 0⤊ 1⤋
typically (I can't speak for Idaho speifically) one can renew a debt perpetually, need to do that in California for small claims every 10 years.
2006-09-21 19:53:30 · answer #3 · answered by larry n 4 · 0⤊ 0⤋