Comments on: Debt Collection Statute of Limitations

By: Damon Day

Damon Day — Sat, 23 Apr 2011 08:32:29 +0000

Hello Tracy,

I would send a cease communication letter to the debt collector and then I would dispute the entry on your credit report with the credit reporting agency that has it listed (experian, transunion, equifax)
Damon Day recently posted..Credit Collections Defense Network Gets Spanked by West Virginia AG’s Office (dofollow)

By: Tracy

Tracy — Sat, 16 Apr 2011 06:46:51 +0000

I was wondering what I should do if I have a debt that was charged of about ten years ago and must have been sold to someone down the line. Long story short it just showed up on my credit report and it is well past the statute of limiitations. I have been getting a few calls/messages from the company trying to collect this but I have not responded to these as I didn’t want to mess something up and start the clock on this old debt again. I am in WA state…what should I do to clear this?

By: trynono

trynono — Tue, 12 Apr 2011 21:26:00 +0000

It seems that when the consumers don’t educate themselves about the law and the limitations placed on debt collectors, they end up caving in, and paying the debt, even though statute of limitations expired on that debt obligation. Ignorance is expensive.

By: Damon Day

Damon Day — Wed, 30 Mar 2011 10:40:04 +0000

Hello Jordan,

Thanks for taking the time to comment on the site. I agree that having a very clear statute of limitations would really help consumers that are not informed about these things.

The laws periodically change though, so only time will tell. For now, the best defense for consumers is education. It makes it harder for an unscrupulous debt buyer to intimidate a consumer that already knows the debt collection statute of limitations has ran on an older debt.
Damon Day recently posted..Legal Helpers Debt Resolution Sued in 30 Page Complaint Filed by Illinois AG (dofollow)

By: Jordan

Jordan — Wed, 30 Mar 2011 01:41:13 +0000

Sadly, many debtors unknowingly make the mistake of agreeing to a repayment term, sometimes years after the SOL has expired, thus opening the door for unscrupulous debt collectors to restart the clock.

It would be great if legislators tried to implement more laws that protected the consumer and not the lender. i.e., once the SOL passes, nothing should reactivate the new SOL. IF they did this, perhaps the nasty debt collectors would go out of business – once and for all.

By: Jonathan

Jonathan — Thu, 28 Oct 2010 19:36:19 +0000

Your article is an excellent reference point. I live in the UK so our laws are different however I do agree with your main point that it is important to be aware of debt legislation if you are struggling to meet repayments, because my experience is that debt organisations will try and tie you up in red tape so that you comply with their requests. Even a little knowledge can help you stay in control and ensure that things are done appropriately.

By: Henderson Nevada

Henderson Nevada — Thu, 05 Nov 2009 00:21:15 +0000

The public at large has no idea what this means. I am surprised the oral contracts are as long as they are as they would be the most difficult to prove. I think you are spot on in your assessment that people believe the SOL and their credit histories are the same. it's interesting the SOL is set at the State Level.

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