What Is Debt Collection Statute Of Limitations ?

What Is Debt Collection Statute Of Limitations ?

Consumers with past due accounts have often pondered this very question It is advisable that consumers learn what this phrase means as it could be a powerful tool in erasing their bad debt and raising their credit scores. Because they were not aware of the debt collection statute of limitations many consumers have been sued in court and lost because they did not have knowledge of what this meant. Fight back against abusive bill collectors click here for free consultation. This is a time period that debt collectors and original creditors are allowed to collect on consumer debts It also refers to the length of time debt collectors or original creditors can sue on a debt which varies from state to state. There are companies known as junk debt buyers that purchase debt that is past the statute of limitations. The junk debt buyers will then hire debt collectors or collect on the debts themselves. When it is proven that the debt is past the time statute the junk debt buyer or debt collector is in violation of the fair debt collection practices act.

Although the debts are past the debt collection statute of limitations, when junk debt buyers or debt collectors sue debtors in court and debtors do not fight the lawsuit the debt collector or junk debt buyer automatically wins. If the debtor does not show up in court the bill collectors receive a default judgement against the debtors. Anytime you know that you are being sued always fight the lawsuit. If you do not show up you will lose when you could have won.

Hire an attorney experienced in fdcpa lawsuits . The attorney can let the judge know that the debt is past the statute of limitations and get the case dismissed. The attorney can also countersue the debt collectors on your behalf for fdcpa violations. Any time a debt collector tries to collect or sue you on debts past the debt collection statute of limitations that is an fdcpa violation. Become a victor not a victim !

Knowledge Is Power !