Posted on
August 26, 2009
at
2:42 am
I've heard that there is a limit of..something to it but how come it seems as if collectors act as if they have all of eternity to collect from people? Can you tell me how long a creditor can attempt to collect on a debt? Are we talking a couple of years or what?
Posted on
August 26, 2009
at
3:13 am
How long can a creditor attempt to collect a debt?The original creditor usually passes the delinquent account on to a third party collection agency and this agency can attempt to collect for 6 years- but not on all states. You may check your state's SoL here:http://www.fair-debt-collection.com/SOL-by-State.html
Posted on
August 26, 2009
at
3:18 am
Ah..it's not how long a creditor, but how long can a debt collector attempt to collect a debt from me...okay.And yes that's it, Statute of Limitations. Thank you for that and what will or what can these collection agencies do to me if I'm unable to pay my debts in full? Where can I run to for complaints or help?
Posted on
August 26, 2009
at
3:24 am
Hi, just to expound on what the SoL is, it is the time limit (lawful) that are given to collectors to pursue a consumer's debts. This limit differs from state to state and it also depends on the type of debt. The SoL does not apply to the following debts:-Federal student loans-Child support-Most fines-Taxes (but many income taxes have a 10-year SoL, do consult with a tax expert with regards to your situation)
Posted on
August 26, 2009
at
3:33 am
The creditor or collection agency can sue you to obtain a judgment and it could mean any of the following:-wage garnishment-property lien-bank levyBut that would go through a process. You would first be sent a notice that a suit is being filed you and you'd have time to respond. If you're wondering if they can send you to jail, the answer is no.
Posted on
August 26, 2009
at
3:38 am
You may also want to check the Federal Trade Commission's website:http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtmNot only will answer your question "How long can a creditor/debt collector attempt to collect a debt" - but it also has what they may and may not do.
Posted on
August 26, 2009
at
3:42 am
Wait, your question "How long can a creditor/debt collector attempt to collect a debt" made me wonder about your financial situation. If you don't mind me asking - why are you waiting for the debt collectors to call on you? Do you have unsecured debts that you can't seem to get rid off? Can't somehow pay?Feel free to fill out a form here at destroydebt.com and have your financial situation assessed - free of charge.
