Is there a statute of limitations on debt collections?

Answer 1

Yes. [ADDED-see below] The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http:/www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html Just because the SOL has expired on a debt does not mean you do not owe the debt. Very few states extinguish the debt on expiration of SOL. When the SOL expires it just means that they can not sue you and win if you show up in court and use expired SOL as a defense. They can continue to attempt to collect on a debt forever. Items fall off your credit report 7 - 7.5 years from the DOFD, which is set by the OC and is federally mandated. This date can not change. SOL is state mandated and varies from state to state.

Answer 2

California Statutes of Limitation Written agreements: 4 years, calculated from the date of breach.

Oral agreements: 2 years.

The statute of limitation is stopped only if the debtor makes a payment on the account after the expiration of the applicable limitations period.

Answer 3

It varies depending on the type of debt. It also varies from place to place as each state or country sets their own limits. Written agreements, including Promissory notes are often set at a longer time frame than Oral agreements and open ended accounts (credit cards).

Answer 4

Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection varies from state to state. It is somewhere between two years and as long as 8 years. That would be from the last use or payment.