Credit Card Debt Statute Of Limitation - What you must know today

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When the creditors are ringing the phone off the wall you know it is time to repair your credit. The United States alone has over millions of individuals and families struggling to find a way out of debt. This is why when you go online you see thousands of web sites that say they have the solution for relieving debt. Don't be fooled! Many of the telemarketers that claim they can get yo... Read debt consolidation article



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Taking out a loan has become a norm nowadays. Many people now take out loans to fulfill their needs. People take out a loan when their needs surpass their income. Many people have multiple credit cards which lead to further indebtedness. Sometimes the rate of interest is so high that it becomes very difficult to repay the loan. When you are unable to pay monthly installments, you are in a severe d... Read debt consolidation article



Credit Card Debt Statute Of Limitation - What you must know today
Each state has a statute of limitations on old credit card debts. The statute of limitations refers to the period after which, creditors cannot sue you to collect the debt. The length of time is calculated from your last payment date or last activity date (this is when you last used the card).

Refer to the old debts statute of limitations chart, which details the statute of limitations by Oral Contracts, Promissory Notes, Written Contracts and Open-Ended Accounts. Note that the transient nature of state legislature requires you to verify the statute of limitations period with your State Attorney's office. For more information go to www.naag.org.

In the past 10 years, a growing trend has ensued, where aggressive debt collectors buy old debt accounts and actively pursue consumers to collect the debt, even though the statute of limitations has past. They purchase these accounts for pennies and hope that you will pay up. Even if, you pay $1 on the account - they make a good profit.

This is a violation of the Fair Debt Collections Practices Act. Some creditors even lie and say that the statute of limitations starts from the day that they purchased the debt account. These companies are so bold that some of them will threaten to sue you and in fact proceed with the court case - don't give in. Others will harass you day and night, use profanity or promise to erase negative marks off your credit repot, if you send in a minimal payment.

If you find yourself in this situation here are a few tips on what to do:

Do not send in a payment - if the statute of limitations is past in your state. Doing so, will make your delinquency look recent. It will also give the debt collectors the idea that you are an easy target and they may attack you on other fronts.

Keep an eye on your credit report to make sure that they are not reporting negative information about you. Your old debt account should not be reflected on your credit report since the statute of limitations is past. If you find that they are reporting the information, take corrective action immediately and fix any errors.

If possible, ignore all contact with the debt collection agency. Do not accept their phone calls. If they send you notices in the mail, you will want to keep these as proof of their harassment.

The Fair Debt Collection Practices Act indicates that there are certain things that creditors cannot do in their attempt to collect debt. Go to www.poorcreditgenie.com/answers.html for a list in plain speak. For a complete list, go to www.ftc.gov/bcp/conline/pubs/credit/fdc.htm.

Verify the statute of limitations information with your State Attorney's office and solicit further advice on how to navigate your situation.

The author is the owner of the information-rich website http://www.poorcreditgenie.com - a "Drudge Report" of credit. The website offers free advice on how to rebuild credit and manage debt. The site also features numerous articles and news stories on credit reports, credit cards and bankruptcy.

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Selecting a Debt Negotiation Company

For those outside of the ''wide breadth of consumer and credit card debt knowledge' inner circle, the debt negotiation truth is this: not even the best debt negotiation companies may be right for you.

For starters, debtors have differing situations - one may be falling behind on his monthly mortgage payments, while another debtor is teetering on the edge of bankruptcy after seven renters moved out of his eight-unit rental property. Deciding on fine debt negotiation companies depends on your situation.

Have Debt Negotiation Companies Meet Your Own Criteria

Selecting a proven debt negotiation company is a part of the selecting a debt negotiation company truth. Notice their track record and verify their credentials by phone and in person regarding the number of negotiation clients they've served, rather than through the Internet chockful of potential debtor related scams.

In addition to a solid debt negotiation plan, the Grade A debt negotiation companies also throw valuable literature at you educating you about the intricacies of the game. The true companies should also offer credit counseling as well - planting you on the right pivot foot presenting you with a myriad of ways to control and manage your finances by exploring ways to negotiate debt.

The most bona fide way to pinpoint a debt negotiation company's effectiveness is by finding out its reputation. If the company has been featured in a host of debt publications and newschannels, that is a plus.

Servicing a wide range of debtors nationwide (not limited to a couple of states) is also a criteria of the best companies. Find out the in & outs of all of the debt negotiation companies - and the truth shall come separating the scams from the real.

Jon Butt publishes http://www.the-debt-reduction-guide.com a free resource providing genuine, up-to-date advice for debt reduction, credit card debt elimination, the best online consolidation loans, how to get a decent credit score and, above all, how to avoid bankruptcy


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Credit Card Debt Statute Of Limitation - What you must know today
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