Top 3 Statue Of Limitations Debt Collections Myths

OPERATION TWO:(Staute Of Limitations) Video Course

What is the Statue of Limitations for Debt Collection?

The Statue of Limitations (SOL) is the amount of time that a 1st Party Creditor, or the 3rd Party Debt Collector can legally collect on a debt.

Once a Debt has past the Statue of Limitations for  Collection, the 2nd Party “Debtor” can not be successfully sued for the debt.

Special Note: The SOL is varies from State to State and is based on a number of factors.

It seems simple enough. After a certain amount of time, depending on the State,  debt can’t be collected on. But there are many Statute of Limitations myths to beware of.

Today Debt Warriors will share the top 3 Statue of Limitations Debt Collection Myths.

Myth #1: Time-Barred Debt

Once a debt has passed the Statue of Limitations it is considered “Time-Barred” and can not legally be collected on.

Not true! The 3rd Party Debt Collector can and will ATTEMPT to collect a debt that has passed the SOL for collections. It is not illegal to attempt to collect a debt that has past the statue of limitation.

Myth #2 Debt Collectors Can Not Sue For a Time-Barred Debt.

Be on guard because 3rd Party Debt Collectors can and do SUE the 2nd Party Debtors in Court for a Time-Barred Debt.

Submitted: 9/4/2007

” I recently received a letter from Asset Acceptance in Warren, Michigan. Within a few days I received a certified letter from the local court stating that Asset Acceptance was trying to get $1300 plus from me for a credit card account dating from 1994.

After doing research on the Fair Debt Collection Practices Act I realized that they cannot collect on a debt that is over 6 years old in Ohio.

I am forwarding this information to the court and to Asset Acceptance. Had I not known about the Fair Debt Collection Practices Act I would of thought I still owed the money. Do research before you pay to see if you are still liable for a old debt. Asset Acceptance should be shut down today and not allowed to rip anymore people off.

Upsetinohio
findlay, Ohio
U.S.A.  “

Debt Collectors will attempt to collect on any debt in question – even after that debt has passed the Statue of Limitations for Collections and is considered Time-Barred. In the  case above Asset Acceptance had filed a Lawsuit for a debt over 20 years old.

Myth #3 Paying a Time-Barred Debt Will Improve Your Credit

Paying a Debt that has passed the SOL for collection is like bringing a dead monster back to life. Once a Debt has passed the Statue Of Limitations for collection, it is considered a “Dead Debt”. Paying the Debt gives the account 7 more years to sit on your Credit Report.

Get Bonus Statue of Limitations Guide When You Order

How Can You Tell If Your Debt Has Passed The SOL?

That’s what Debt Warriors teach You in Operation Two Time-Check. This 10 minute video course will tell you everything you need to know about the Statue of Limitations for Debt Collection.

Many people lose money paying debts that are dead. Or worse, they make a “Good-Faith Payment” and “Legally Re-Age” the account.  These people end up  stuck with that debt for at least 7 1/2 more  years (sometimes longer).

In OPERATION TWO, Time-Check, DEBT WARRIORS help you determine if the debt is owed or simply too old to be collected on.

This OPERATION also provides step-by-step instructions to correct an “Illegally Re-Aged Account” on your credit report.

Operation Two Time-Check will save you time, money and stress by showing you exactly how to tell if your debt is Time-Barred.

You’ll learn what Debts are exempt from the SOL and how to defend yourself when a 3rd Party Debt Collector tries to unfairly collect on a Debt that has passed the SOL for collection. To order Operation Two Time Check click here.