time. limits

by lola
(california)

How long does a creditor have to take action against a debt.

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Jul 21, 2010
Mary
by: How long can a creditor go after a debt

Thanks for submitting your debt collection question on our Q&A page. .

A creditor (or a debt collector) can try to collect a past due debt for years after the debt becomes past due. However, there is a limit on how long a creditor (or debt collector) can sue a consumer to try to collect a past due debt. That time limit is referred to as the statute of limitations and each state has its own laws that establish a statute of limitations for different types of debt. Typically, it begins on the day that a debt first becomes past due.

If you are being contacted by a creditor or a debt collector about a past due debt, it's important to know whether or not the statute of limitations on that debt has expired. This is because if it has and you acknowledge that the debt is yours or offer to pay on the debt, you risk causing the statute of limitations on the debt to begin all over again, which means that once again you'll be at risk of being sued for the money you owe.

To find out what the statute of limitations is for a particular debt in your state, contact a consumer law attorney in your area or the consumer affairs office of your state attorney general's office.

I hope you find this information helpful.

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