only attempt to collect a debt with in the first 5 years of that last reported date. After that they are in violation of a 5 year Statutory law. Is this true and what do i do if I have a credit card company that is trying to collect 6 or more years after the last date it was touched...
2007-07-31 10:53:35 · 2 answers · asked by felicity 1 in Politics & Government ➔ Law & Ethics
whether or not they are legally allowed to come after you for this debt, you should pay it. You borrowed their money you should pay it back. If someone borrowed your money wouldn't you want to be paid back.
2007-07-31 11:16:18 · answer #1 · answered by Rebecca R 2 · 0⤊ 0⤋
Contract law in the US is four years. If no legal action was taken, like filing a law suit or getting a judgment recorded, they cannot legally collect on a debt that is that old. They can certainly try.
2007-07-31 10:58:50 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋