- Thanks for sharing your blog. It's a good help.

- VERY GOOD.

- IT IS A VERY GOOD  ARTICLE.

anne_20002002 - good article

- Thanks for sharing this info. Great article. Keep it up.

- IT IS TOO GOOD.

- IT IS A VERY GOOD  ARTICLE..

 

nagasri - Nice information! Thank you

Purnendu - nice info...shared across

kongpeng - Unusual thanks, I studied

oxygen02 - Great post!

oxygen02 - You have great article.

- good infornation.thanks

zedlav23 - It sure can be abused by debtors who deliberately doesn't want to payoff their obligations.

THEMADTYPER - Great article, you where clear and precise with your information. It was a good read while also being  educational and informative you even did the research and sited your sources. You have a knack for writing keep up the good work 

strmek - Good one!

strmek - Very useful one, thanks!

bandulf - thanks for the tips dude .. really it can help

shinkai03 - great article.

- nice one..keep posting more like this

vivianchen - Good suggestions. Thanks.

- nice article.. highly informative.

schoolboy - Great article!

tazar - thank for the good information

- Thanks for the great article posting.

serendipity - Nice review, good post!

serendipity - Great article. Thanks.

froggpond - Thanks for the post

oreocookie3 - This is good information ...too bad I didn't know about it, because I am now paying off a debt that is over 8 years old. The collection agency used scare tactics.. and served me with papers from the sheriff's office. So now I am paying them $50 a month.. guess I could have won the case if I let it go to court. Too late now.

- thanks for posting..

- Gr8 article.. highly informative..

Jack.co - but always keep 1 thing in your mind that when an account jumps from one collection agency to another the statue of limitations renews !! So try to resolve the debts as soon as possible!!

Jack.co - good article !!

- good one..

marius_gabriel - hahaha

- Nice

- :¦:-•:*'""*:•.-:¦:-Thank you >^..^< Great Review!!! -:¦:-•:*””'*•-:|:-

Jokershinobi - great article !

Jokershinobi - great article!

- Help full articles for debtors..

niitesh - This is something new i didn't know about. Thanks for the info and i sure will  check my status before clearing my old debts.

- Nice article!

beautyqueen26 - Great article.

But, I do worry that consumers may think that means they can simply ignore repayment with no consequences.

The statute of limitations doesn't apply to student loan debts which can be pursued even years after the traditional time limit.

- This is great information, thanks for all your work in putting this blog post together.  These are things that most people are not aware of so giving them this knowledge is wonderful. Knowledge is power when  we are dealing with collectors and the whole collection process.

Howard (Guest) - Also consider that now Collection Agency Companies can now BY LAW
report your account to the IRS on a form 1099 as earned income!
This is according to a representative I spoke to at the IRS.
In my case it has no effect since I am on permanent disability but if you are not in my situation you end up paying taxes at your tax bracket for this debt.
Credit Card, Home Loans, ANY KIND OF DEBT can be reported to the IRS in this fashion.

tbates - As our nation's banks sell off millions of dollars in debt each quarter, the technology used by collectors has had to increase to keep up with the times. One should focus their unique problem on two things; what can they do to bring resolve and what can the collector do to bring resolve. In most cases the collector will lead you to believe they can work magic and do all kinds of ugly things. Remember the collectors biggest strength is your weakness. Get the facts, or fall prey to their lies.

There are TWO statutes to consider:

1. State, "the length of time since the last activity" payments to the crediotr restart this statute

2. Service of Summons.

3. Statute STOPS running when request of Validation is received by the collector, and or if the consumer is intentional hiding from the debt.

First , never share banking or personal asset information with the collector. You have no idea who your talking to. In most cases the collection agency will not run a background check on the collector, thus opening a potential ring of criminal activity with your personal information. When allowing them access to your bank they can and often will drain your account to pay a debt that may not be owed, or to gain information for a law suit to be filed. So, unless they have a court order, we recommend not offering or providing "any" information. Your in enough trouble as it is.

In an attempt to control you and your finances, you will note: the first thing they do when calling is to verify all your "personal" information. This is not to protect your privacy, but to remind you they know "personal things about you", and they will use this against you down the road. Your address to call family and neighbors, or to call landlords and friends. These folks have your credit file, payment history, and in most cases enough information to create a new person with your information.

Given the advances in technology, and collector training, one should first look to their personal finances. If they can pay off the debts they should do that as quickly as possible. But paying the original creditor is wise. Retain proof of payment via money order or cashiers check. Never use your personal bank account. Again, technology! This information can and has been known to be reused for paying other debtors bills.

Collectors are not all bad, but most all have one thing in common. Money. They are paid based on what they collect. In most cases, the better the collector, the better the file they will be on. The biggest mistake a consumer can make is to trust the collector or "used car salesman" demand.

If you have been contacted be either your bank,credit card company or collector you need to STOP, and find out what you can do, and what they can do. Do not trust a word they say and call an IAPDA Certified Debt Arbitrator.

Debt settlement is risky, but doing nothing is even worse. The difference in success and debt settlement failure is the real interest of the settlement company and the clients ability to be patient,save money and trust the relationship of their IAPDA Certified Debt Arbitrator.

Tom Bates,IAPDA Ceritified Debt Arbitrator CEO,President Absolute Debt Solutions, Inc. http://www.absolutedebtsolutions.com