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Is there a limit to how long a creditor can try to collect a debt?
Wiki User
∙ 9y ago
Yes and no. Every state has a statute of limitation on the legal ability to enforce a debt buy suit.
Many states are 7 years, while some states are as little as 3 years.
Creditors can bring suit anytime within that period. But, should they attempt to bring suit out of the statute of limitation, the key is always the fact that your defense (that you are beyond the statute of limitation) must be raised.
Therefore, you could conceivably be sued after the statute runs out, and if you do not raise the statute as a defense, you could loose.
The key to the defense is proving you did not acknowledge the debt since the clock started. One $10 payment or a promise to pay can start the clock over.
That being said, once a debt always a debt. Therefore, a creditor can pursue collection activity forever and simply become annoying. Therefore, it is usually a good idea to settle your debt if possible.
While they may not prevail in court after the statute runs out, they may still be a thorn in you side. So to that end, if you are dealing with a large debt and you get sued after the statute runs out, it may actually be in your favor to go to court and raise your statute defense, because if you win the case and the judge rules in your favor - case closed. It is unlikely the creditor will pursue further collection action - because they have no where to take it legally.
AnswerDepending on your statute of limitations on the state that you signed your credit card loan in.For statues of limitations you can check: see the related link.
Wiki User
∙ 9y ago
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Is there a limit to how long a creditor can try to collect a debt in England?
it was that if the creditor had not tried to collect within 7 years it was expired
Can a secondary collection agency collect on a charge-off when the debt is over 3 years old and the original creditor has declared bankruptcy?
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Do your debts die with you?
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How long after bad debt can it be collected?
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Can a debt collection company issue a summons for unpaid unsecured debt?
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Is there a limit to how long a creditor can try to collect a debt in England?
it was that if the creditor had not tried to collect within 7 years it was expired
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In Texas, the statute of limitations for collecting a debt through legal action is typically 4 years. However, debt collectors can continue attempting to collect a debt beyond this period, but they cannot sue for the debt once the statute of limitations has expired.
How long does a third party collection agency have to collect on a debt after the debt is charged off by the original creditor?
There is no time limit placed on their collection efforts to collect a debt. However, there is a SOL for legal recourse and for how long it can report on your credit reports. Reporting time is 7 years and so far as the SOL for legal recourse you would have to check your state laws to see how long.
How long can a debt collector collect a debt from a judgment if you have moved to South Carolina?
In South Carolina, a debt collector has 10 years to collect a debt from a judgment. This time frame starts from when the judgment is entered. After the 10-year period, the debt may no longer be enforceable unless it is renewed through legal actions.
Limit to how long collectors can legally collect your debt in Ohio?
In Ohio, the statute of limitations for collecting a debt is typically 6 years for written contracts and 4 years for oral contracts. After this time period has passed, creditors cannot sue you to collect the debt, although they can still attempt to collect it. It's important to be aware of your rights under the Fair Debt Collection Practices Act (FDCPA) to ensure collectors are following legal guidelines.
Can a secondary collection agency collect on a charge-off when the debt is over 3 years old and the original creditor has declared bankruptcy?
More than likely. Three years is not long enough for an SOL to expire. What probably happened was, the account was bought from the creditor, which is common practice. The BK of the original creditor, has no relevancy if the debt was sold.
What is the statute of limitations in on medical bills in Kentucky?
Debt collection in Kentucky is long. The creditor has up to 15 years to collect on a written agreement. They have 5 years for an Oral agreement or Credit Card.
How long can a creditor attempt to collect on an account?
As long as they feel its worth it, i have come accross a collector from 6 years ago that i forgot about - they rarely forget. There are not time limits for when a creditor or collector can pursue debt collection procedures. In the U.S. all states have SOL's pertaining to how long a creditor has to file a lawsuit against the debtor to obtain a writ o judgment.
In Arkansas how long can a debtor continue to collect on an old debt?
There are no time limits for how long debt collection can be pursued. Every US state does have a statute of limitations that designates the length of time a creditor has to file a lawsuit against the debtor. The SOL will differ depending upon the state in which the debtor lives or the debt was made and the type of debt.
How long does a creditor have to go after someone to collect a medical bill in Ohio?
I believe in Ohio a medical creditor can attempt to collect a bill for 7 years. However, they can hold onto the account as long as they decide.
Can a trust with a taxpayer ID be levied by a judgment creditor?
Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.
How long after a repossession can a creditor sue you?
The time frame for a creditor to sue you after a repossession varies by state, but typically it ranges from 2 to 6 years. It's important to check the specific statute of limitations in your state to determine the exact time frame.
