Key Credit Repair: Statutes of Limitations on Debt Collection

Key Credit Repair: Statutes of Limitations on Debt Collection

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– Hi, everybody, Nik Tsoukalis here, president and owner of Key Credit Repair. Interesting article below
regarding the statutes of limitations on debt
collection by state. So, a lot of you have read up on probably even some of our blogs, and you’ve read up on the fact that the basic statutes of limitations on credit reporting is seven years, not realizing that many of your debts and collections have a much shorter term in terms of the actual
collection of the debt. Take a look below. There’s a chart that basically
breaks up the statutes of limitations on oral,
written promissory notes and open-ended accounts, and tells you basically
when you can refuse to pay back that creditor, when that debt has expired
in the eyes of your state. Also, I’ve had a lot
of clients in the past that have been sued by debt collectors. They’ve been dragged into court on a debt that is well past the
statutes of limitations, not realizing that, yes, they
can collect on that debt, they can try to attempt
to take you to court. And the reason they usually
get by with collecting on that debt and having a
clerk stamp an approval saying they can garnish your wages is ’cause you have not contested it, and this is your best ammunition, the state statutes of limitations. Take a look at this. I would say five out of 10 times, you can contest that based on that. For more information, or if you
have a question about a debt and you need some assistance
challenging a debt or sending a cease and desist
letter, give us a call, 617-265-7900, or submit your information below under the free consultation page, and we’ll give you a call and
do a consultation with you. We’ll review the accounts for you. Thanks so much and have
a great day, bye bye.

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