Debt has several rules including how long creditors and collectors can pursue their debts. This expiration of debt is known as the statute of limitations and it can be a confusing concept for many consumers struggling with debt. Understanding the Statute of Limitations on Debt The statue of limitations on debt essentially put a deadline [...]
Do you have an outstanding debt that is several years old? If you do, you may have noticed debt collectors are ramping up the efforts to collect that debt. This is due to the Statute of Limitations on debt collection. The SOL defines the period of time in which debt collectors can take you to [...]
Sometimes, despite your best efforts to keep your financial obligations organized, there are things that simply fall through the cracks. Perhaps you have a payment owed to the doctor’s office that wasn’t covered by your insurance or a bill that you never received that went unpaid. In some cases, you may have actually paid the [...]
When dealing with collection agencies there are important tips to keep in mind. It’s important to know if the debt is actually yours and know if it’s a first-party or third-party collection. With first-party collections, a collection agency is hired by the lender. In the case of third-party collections, a lender writes off your debt [...]
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