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.

Overcoming the Shame of Predatory Lending

Millions of Americans may be victims of Predatory Lending

Are You A Victim of Predatory Lending?

If you have debt, I hate to tell you this but,  you might be a victim of Predatory Lending.  I found a bunch of what I call “Credit Predators” (aka Predatory Lenders).

Predatory Lending, has been in full swing since 2000, after the Commodity Futures Modernization Act (CFMA) passed.  After the CFMA, Millions of Americans had been sold (SCAMMED) into  all sorts of financial flavors of the month.

For example; Adjustable Rate Mortgages, Auto Dealer Trade-In’s,  and Promotional Rates on credit cards.

Have You Been Trapped in Debt by Credit Predators!

• Auto Loans: Tricks like; Addendum Stickers,  “Kicking the Trade,” Stealing The Trade”.
• Adjustable Rate Mortgages on home-loans,  Refinancing,  Predatory Lending.
• Credit Card Traps like;  Promotional Adjustable Rate Credit Cards, Personal Credit Lines, Cash Advances.

You Don’t Have To Suffer From Financial  Shame

Before I started Debt Warriors, a bunch of  my Clients had made some financial mistakes, but most of them were hard-working people who had lost a their job and were terrified.  They didn’t know what to do to stop the rising debt, endless collection phone calls, and fearing what may come in the mail.

For one reason or another it seemed all of my clients felt huge amounts of  shame about their financial situation.

Many of my clients already had “Delinquent” accounts.  For some reason or another, these clients had missed more than one payment and watched in fear as their debt skyrocketed.  I won’t exhaust you by telling you all of the Credit Report horror stories that I helped my clients overcome.

Most of my Client’s were terrified. They didn’t know what to do. Debt Collectors harassed them day and night.  Many of my client’s were shackled to debt like debt slaves.  I heard stories from Michigan to Florida, and New York to California.

My other client’s had been in the hospital.  When they returned home these clients found an abundance of unopened late notices  from Creditors and Debt Collectors.  These clients were trying to get over an illness or injury and were being terrorized by “Debt Terrorist”.

You must understand, you may have made some financial mistakes, but it’s more likely that you were sold Credit, possibly by predatory means. But it’s up to you on how to outsmart your debt.  You can do it if you understand your Rights and the Processes of Credit and Debt Management.

You may be a victim of Predatory Lending, but the reality is that you are in the best position to determine how to get out from under the shame and the threats that your debt has caused you.

Our goal at Debt Warriors is to show you how you can outsmart and defeat Predatory Lending yourself.

Don’t Let Debt Defeat You! Oder Your Debt Warriors Arsenal and Win Your War On Debt!

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You Can Take Action Now Against Irresponsible Credit Card Lending

Follow Debt Warriors March Toward Victory!

How About A Quick Riddle?

“I am Good and evil, ugly and pretty, as well as responsible and irresponsible. What am I?“

We were forwarded an email from The Center for Responsible Lending .  They are driving a march toward a ‘Fair Shake’ for Credit Card Holders.   We took action and emailed our  Senators Bill Nelson and Mel Martinez.  We  asked them to SUPPORT H.R. 627 (“The Credit Card Act”).  We told our Senators that we  want Credit Card Issuers to be more responsible lenders.

You Can tell your Senator that you want “Responsible Lending”

Now you can join the battle and make your voice heard as well.   Send your Lawmakers an easy to customize letter: Click here to take action and send your letter. Special thanks to The Center For Responsible Lending for making “taking action” so easy!

The last time Consumer Advocates  got together we were able to get over 56,000 letters sent to the Federal Reserve Board 🙂  We were sending a Valentines Day Protest and the result was spectacular!

Back to Irresponsible Lending

We have always thought that Creditors doubling fees or interest rates (after the fact) was a horribly irresponsible thing to do to someones finances! People young and old are left feeling miserable as a result of irresponsible lending.  Of course, it’s not all the Credit Card Issuers fault.

We’ve seen some real dead-beat borrowers.  Debt Warriors reserve the right to refuse to help anyone we  suspect to be a dead-beat.  There are some people who will try to “game the system” – no matter what that system is.  But, most Credit Card Holders are responsible people and that’s who Debt Warriors want as allies.

Did You Ever See “Maxed Out” (the movie)?

If you haven’t, I’ll tell you in advance, it may make you mad.  You can watch it on-demand, and on your computer at Nexflix.com (we are not affiliates of Netflix).

Maxed Out investigates the real-world suffering of regular people just like you and me.  If you watch Maxed Out,  you’ll find yourself sympathetic to others, who’ve literally “ended it” because of debt. Watch this movie and then you’ll begin to see why we stared Debt Warriors.

After watching Maxed Out, you’ll see that it’s irresponsible for anyone to just sit on the side-lines and watch as millions of Americans (possibly including you) suffer as victims by legal loan-sharks.  Click here to see Maxed Out for yourself.

Once  you are ready to take responsibility for winning your war on debt, by learning the secrets to gaining control over your finances and defeating your Credit Predators and Debt Collectors – for yourself – click here. 

Answer the Riddle: an Opposite