Legally, a debt collector can pursue debt that is old

Legally, a debt collector can pursue debt that is old

Just how long can a financial obligation collector legitimately pursue old financial obligation?

“Collectors can make an effort to collect on old financial obligation forever,” says Donald E. Petersen, a Florida customer security lawyer whom defends charge card situations. “I’ve had customers contact me personally that are getting telephone phone phone calls about financial obligation that is 14, 15 or 16 years of age. The record thus far is 21 years.”

After the statute of limits in your personal credit card debt has expired, your debt is recognized as “time-barred.” Which means a financial obligation collector can no sue you over longer your unpaid financial obligation. Having said that, some loan companies nevertheless attempt to sue customers even after the statute of limits has expired. Continue reading Legally, a debt collector can pursue debt that is old