What are credit card debt collectors' statute of limitations?

Question

What are credit card debt collectors' statute of limitations?

Answer

Credit card debt collectors are paid a fee to collect the debt. In many cases, the collector is only paid when he or she gets you to pay. Because of this, illegal activity or even abusive activity can occur. One of the things you should know is about the credit card collection statute of limitations. If you believe you have been requested to pay a debt that is past this limit in your state, report it to an attorney who may advise you to legally pursue the lender for this illegal action.

Important Statute of Limitation Information

There is a limited window of time in which the lender can pursue the borrower for a debt. In general, nonpayment of debts results in the creditor suing the borrower for the money. However, this does not go on forever. Each state sets the action number of years in which the creditor has the right to go after the borrower. The FTC reports that some states have longer time periods than others.

  • In the United States, most states have a statute of limitations for legal action against a nonpaying borrower between three and 10 years. Some states may be longer.
  • The debt collector may still try to collect the debt from you beyond this point, but the creditor lacks the legal ability to force you to pay beyond this period.
  • All rights remain in place during this time and after in terms of non-abusive collection methods.

If you are unsure what the statute of limitations is in your state, contact a debt settlement attorney to find out. Do this before taking to any lender.

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