Arkansas Statute Of Limitations On Debt Collection
Posted on November 6, 2009 at 3:59 am
Hi, what is Arkansas statute of limitations on debt collection? If it has expired, does it mean that I'm safe from legal action from whoever has my account?
Posted on November 6, 2009 at 4:03 am
Hi I looked it up for you and here's what I got:
Written contracts: 5 years, NOTE: Partial payment or written acknowledgement of default stoppeds this statute of limitations. (A.C.A. 16-56-111)
Contracts not in writing: 3 years, (A.C.A. 16- 56-105)
Breach of any contract for the sale of goods covered by the UCC: 4 years, (A.C.A. 4-2- 725)
Medical debts: 2 years from date services were performed or provided or from the date of the most recent partial payment for the services, whichever is later. (A.C.A. §16-56-106)
Negligence actions: 3 years after the cause of action. (A.C.A. § 16-56-105)
source:
http://www.fair-debt-collection.com/SOL-by-State.html#4
Posted on November 6, 2009 at 4:14 am
Hi, what is Arkansas statute of limitations on debt collection? If it has expired, does it mean that I'm safe from legal action from whoever has my account?They can and will attempt to sue you...but you can use the SoL being expired as your defense. The court would honor that.
Posted on November 6, 2009 at 4:17 am
Hi, what is Arkansas statute of limitations on debt collection? If it has expired, does it mean that I'm safe from legal action from whoever has my account?
Hi, a reminder though, even after successfully dodging that lawsuit, you still owe that debt. You are going to have to pay that off at some point.
Posted on November 6, 2009 at 4:21 am
If you are looking for ways to eliminate that debt, destroydebt.com offers a free initial debt consultation.
Please feel free to fill out a form.
Again, it's free of charge.
Posted on November 6, 2009 at 4:24 am
Whether or not the statute of limitations on debt collection (in Arkansas or elsewhere) has expired, the consumer has 2 debt relief options to choose from.
Credit counseling - for debts below $10,000, accounts current (manages payment via negotiation of interest rates)
Debt settlement - for debts above $10,000, accounts past due (reduces the principle amount to more or less half of the original amount)
Posted on November 6, 2009 at 4:31 am
If you are wondering how much debt settlement companies charge for their services:
It's 15% of the total debt amount and spread the fees out over 18 months or a percentage of the settlement amount, usually between 20-25%.