0
How many years can a dept collection agency or lawyer pursue you for payment?
Wiki User
∙ 15y ago
Typically the statue on collections runs out after 7 years. Which is the same amount of time it would take for a bankruptcy to clear from your credit record. So if you can handle the harassments and wage garnishings for 7 years go for it.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Can a credit collection agency pursue payment on an account that has been closed for 10 years?
Yes, there is no statute of limitations on debt.
What is the statute of limitations on an unpaid debt in south carolia state that a collection agency may pursue?
The limitation is 3 years. The start of that time is the last acknowledgement of the debt, which could a payment.
What is the statute of limitations on an unpaid debt in Washington state that a collection agency may pursue?
The limit on a recorded debt in Washington is set at 6 years. The start of that time frame is the last acknowledgement of the debt, which is a payment or communications.
Can a lawyer hired by a collection agency garnish you wages or put a lean on your house on a debt over 10years old even if you stopped paying on it 1 year ago?
Yes first they have to get a judgment against you but the fact that it is over 10 years old is irrelevant It is your last payment that keeps the statute of limitations going and they vary from state to state and depending on what the original debt was for. If your last payment was about a year ago you will have awhile before they can't pursue you anymore.
How do you pursue a tenant when they owe back rent in Florida?
File the information with a collections agency, and they will pursue the debt. Most collection agencies will also place the debt on the individual's credit report.
Do collection agencies offer discounts on debts?
That might be a bit optimistic, but possible. A collection agency will sometimes 'buy' debts from other companies, companies who consider the debt uncollectable. Maybe they just don't have the people or resources to pursue it, etc. So rather than writing the debt off completely, it is sold at a percentage of the total value, to a collection agency. This collection agency now pursues the debt. They may consider accepting a smaller payment from the debtor, as long as they are making a profit on the whole. However you will tend to find that the agency is most definately after a full payment, plus interest. If the agency is acting as a first or third party agent (pursuing the debt under the instruction of the owed company) then they may not be able to accept anything less because of their obligation to the company they are acting as an agent of.
How do collection agencies decide which borrowers to sue?
Collection agencies typically decide to sue borrowers as a last resort, when other attempts to collect debt have been unsuccessful. They consider factors such as the amount of debt owed, the borrower's ability to repay, and the likelihood of successfully recovering the debt through legal action. In some cases, they may also consider the age of the debt and the potential costs associated with litigation.
What is the difference between charge off and collection?
collection i believe is a company that sets you on a payment plan to make it easier for you to pay. charge off you will never beable to get credit it is paid off but you will never be able to get a loan To my knowledge, charge off means the business charged it off as a loss and collection means they are pursuing the person for the money or paying an agency to pursue the person for the money.
How do you take someone to collections?
To take someone to collections, you typically need to first send them a written notice requesting payment. If they still don't pay, you can hire a collection agency to pursue the debt on your behalf. Alternatively, you can take legal action by filing a lawsuit against the individual.
What is the statute of limitations on an unpaid debt in Montana that a collection agency may pursue?
Under the Fair Debt Collection Practices Act, a creditor or their agents may pursue recovery for up to seven years after the date of last payment or the date of service, which ever is latest. For instance, if you received service on the first of December 2010, and never made payment, collections can continue until 1 December 2017. If on the other hand you had made a payment on 30 November 2017, collections could continue until 30 November 2024. In the event a judgment was obtained, this time limit extends to ten years from the date of judgment or the date of last payment.
In Texas can collection agency legally pursue a wife for payment arrangements if she is not on the account?
Yes, in most instances a spouse can be held accountable. Texas is a community property state, both spouses are considered to be equal owners of assets and equally responsible for debts regardless of which spouse incurred that debt.
In Arkansas can a collection agency legally pursue a husband for payment even if the account is the wife's and he is not listed on the account at all?
No. Arkansas is not a community property state. Therefore the debt belongs solely to the account holder. The spouse is in no way obligated to pay the debt or confer with collectors unless they so choose.
