If you legally incurred the debt then you are responsible for it until it is paid. A company other than the company to which you were originally indebted may purchase the rights to your debt and you are responsible for paying them. There is no time limit on that debt. A collection agency can legally pursue you until the debt is paid in full. However, there is a time limit on the negative consequences of not paying the debt. In most circumstances that limit is seven years. Seven years from the time you became delinquent with your original creditor. Whether or not your debt was purchased by a collection agency, it should not be reported on your credit report or affect your credit score after seven years. The only time the debt could reappear is if you take an action on it. For example:
In 1997 you applied for and received a store credit card and charged $1000 in merchandise. You did not pay the bill and after their attempts to collect the debt fail, the store sells your debt to a collection agency in 1998. That agency sells your debt to another agency in 2000. In the meantime, you pay all your bills on time and have an otherwise spotless credit history.
In 2004 your $1000 debt will no longer appear on your credit report and your credit score will be higher because the old debt is no longer figured in the calculation. The collection agency is not doing anything illegal by contacting you regarding your debt. But it is no longer affecting your credit rating.
In 2007 you pay $500 toward the debt. Your credit report would reflect you have a $500 debt to the collection agency and your credit score would drop. I hope this answered your question.
By federal mandate, the credit reporting agency must NOT report you to the credit bureaus until 30 days past the date of the letter sent to you.
There is no time limit. They may "have" the account forever, but they may only collect on it for seven years from the date of last payment or ten years in the event of a judgment.
It is there because they have purchased the account from the original creditor and are proceeding with their prescribed collection procedures. It is a legitimate entry on a credit report, and cannot be removed until the seven year expiration date. Even if the account is paid it will remain on the report marked as such, until the time limit expires.
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.
There are not time limits in which the collection of a debt can be pursued. All states do have statutes of limitation which designate the time in which a creditor has to file a lawsuit to collect monies owed.
There is not statute of limitations on collecting fines imposed by Ohio courts. Once the order has been given by the court, it can be appealed or reversed but there is no limit to the time allowed for collection.
By federal mandate, the credit reporting agency must NOT report you to the credit bureaus until 30 days past the date of the letter sent to you.
That would be determined by the usury laws in the state in which the debtor resides or in some instances the state where the debt was made or UCC laws depending upon the type of debt that in question.
There is no time limit. They may "have" the account forever, but they may only collect on it for seven years from the date of last payment or ten years in the event of a judgment.
The time limit for collection of all debts in every state is regulated by federal law. States laws may modify how a debt can be collected, or the manners of collection that can be enlisted, however no state can extend the limit. That limit is seven years after the date of last payment. If the debt has been adjudicated, that is a judgment has been granted, the limit becomes ten years from the date of judgment or last payment, which ever of the two is later. The means of recovery after judgment also increase.
In banking an over limit fee is an additional charge imposed by the bank due to your the funds in your account. It is a penalty charge for going over your account limit.
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.
From one... till you get out or get fed up, there is no imposed limit.
Zimbabwe limits headphones and earbud decibel levels to a limit of 100.
The time limit to ratify an amendment is seven years. The first time this was imposed was on the 18th Amendment. Congress uses the time limit to avoid amendments lingering indefinitely before the States.
It is there because they have purchased the account from the original creditor and are proceeding with their prescribed collection procedures. It is a legitimate entry on a credit report, and cannot be removed until the seven year expiration date. Even if the account is paid it will remain on the report marked as such, until the time limit expires.
A time limit is imposed by state law. Consult your local state insurance board.