Posted on May 29, 2009 at 2:02 am i have been doing some reading on debt collection and i've heard abt this statuet of limitations. can anyone enlighten me on this

Posted on May 29, 2009 at 4:48 am A statute of limitations is a term that describes the period of time before a lawsuit can be filed after a certain event occurs.  After the time limit has expired (or the statute of limitations has run), you no longer have the right to file a lawsuit to resolve the claim.  It's sort of a "speak now or forever hold your peace" thing.  For debt, the statute of limitation refers to the time period before a creditor can pursue legal action on a past due debt.  In most states, creditors have between three and ten years after the debt officially became past due before they lose the right to file a lawsuit on the account.       

Posted on May 29, 2009 at 4:54 am Hi blue and yellow,The statute of limitations is a set period of time that allows a creditor to sue a debtor after he or she has not paid their debt. This varies from different states. The statute of limitations also starts on the day that the payment was first due--not on the day that the account first became late on payment.

Posted on June 1, 2009 at 11:42 am Below is a link that contains the Statute of Limitations for credit card debt in all 50 states: http://www.creditcards.com/credit-card-news/credit-card-state-statute-limitations-1282.php I hope you find this helpful!

Posted on June 2, 2009 at 12:20 am Another thing to add on:  in some states even an oral and specific promise to pay can revive the statute of limitations.  In other states, the SOL stops running if you leave the state until you return.  Here's a good resource for all the random ways you can restart the SOL.  Look at the column on the right side:  http://www.ncfsi.com/statute_of_limitations.htm