Tag Archives: statute of limitations

Debt Statute Of Limitations

statute of limitations

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 ...

Read More »

Are Charged Off Debts Still Collectible?

charged off debts

When a debt or asset is charged off, the creditor removes the unpaid account from their balance sheet using an IRS rule called “Specific Charge-Off Method”. The debt is typically more then 180 days past due, and since it is unlikely to be paid in the near future, this rule is used to adjust the books removing it from current ...

Read More »

10 Must Know Federal Consumer Protection Laws

federal consumer protection laws

There are ten debt, credit and banking federal consumer protection laws every consumer must know, period. The Truth In Lending Act (TILA) – Protects consumers by requiring meaningful disclosure of credit terms. The Fair Debt Collection Practices Act (FDCPA) – Outlines what information debt collectors can gather on you and contains specific rules on how debt collectors can communicate with ...

Read More »