The Statute of Limitations on debt is a rule that sets a time limit within which a creditor may sue you for payment of a debt. The length of time varies from state to state. If a debt collector threatens to sue you over a debt that is beyond the state statute of limitations, they are in violation of the Fair Debt Collection Practices Act (FDCPA).
State statutes of limitation on debt collection apply to open ended contracts such as credit cards, retail store credit accounts and contracts for sale under the Uniform Commercial Code (UCC). Oral agreements, promissory notes, written contracts, loans, mortgages, car payments as well as foreign and domesticated judgments may also be covered in some states.
When a statute of limitation expires, it does not mean that the debt goes away, it only means you can use it as a defense to stop collectors from collecting thru the court system. Collectors can still try to collect thru other methods. Under the right circumstances the debt statute of limitations can be renewed for just about any type of debt.
If you are being contacted by a debt collector and think your fair debt rights are being violated, click here for a FREE* Fair Debt Case Review or call toll free 888-595-9111 to request a free case review.
There is no charge for the case review and the services of a fair debt lawyer or fair credit attorney may be available to you at little or no cost.