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.

In 2008 Americans Made 78,000 Complaints About Debt Collectors Dirty Tricks

Federal Trade Commission Report “Urges Debt Collection Reform”.

 On August 17, 2009, I produced and uploaded a video called ‘Debt Collector’s Dirty Tricks‘ to Debt Warriors Youtube Channel.

This video has received over 18,000 views and hundred’s of comments.

Fast forward to a 2009 Federal Trade Commission ‘FTC’ Report which cites “major problems with 3rd Party Debt Collectors”.

“The report recommends changes in the law to require that collectors have better information, making it more likely that their efforts will be for the right amount and be directed to the right consumer. It also recommends that they be required to provide consumers with better information explaining their rights under the FDCPA.”

Being in the trenches, working to help hundreds clients stop Debt Collector threats and harassment, I’ve learned a lot.  For example, when it comes to stopping 3rd Party Debt Collector harassment there is theory and real life.

There are many Websites that offer only surface Debt Elimination information.  Thousands of so called Debt Help Experts have never really helped anyone stop Debt Collector Harassment.  Instead these people go to the FTC website and cherry pick advice, change a few words and claim it as their own.

Theories Don’t Stop Debt Collector Tricks.

Other Debt Help Experts have theory but don’t know about the dirty tricks that Debt Collectors use to get around the Fair Debt Collections Practices Act (‘FDCPA’) and other Law’s enacted to help Consumers. And because other so called Debt Help Experts don’t know about these trick’s, how can they help Consumers defend against them? 

On the other hand, Debt Warriors have seen almost every Debt Collector trick under the Sun.  We accounted for them all in the Debt Warriors Arsenal Video Course.

The FTC is Just Now Starting To Catch On.

In the 2009 Report (referenced above), the FTC calls for “modernization” of the FDCPA in the following areas:

• The FTC calls for prohibiting Debt Collectors from contacting consumers via their mobile phones, including by text messaging, without prior express consent; and

Many American Consumer’s make simple mistakes like updating or verifying their phone number with the Debt Collector. Debt Warriors cover this area in OPERATION ONE of the Debt Warriors Arsenal. We inform Consumers about how to stop Debt Collectors dirty tricks.

• The FTC urges changes, requiring collectors who use new payment technologies to obtain express verifiable authorization from consumers before accessing their accounts.

I’ve listened in horror as client’s have called me crying because they can’t access their accounts, because some greedy  a Debt Collection Law Firm has placed a freeze on the client’s Bank Account’s.  One client came to us for help after going to put gas in her car to go to work and finding that the Debt Collector had frozen her account. 

She was embarrassed and afraid when she learned that her Bank had cooperated with a Debt Collector and blocked access to her checking account. On top of the shame she couldn’t access her accounts to buy food for her two daughters or to keep her lights on in her house. She was terrified but had come to trust Debt Warriors after reading out blogs for a few months.

Since she lived in California, I signed her up with an affordable Attorney in California and the Lawyer was able to get on the Bank to unfreeze my clients account.

Debt Collectors will stop at nothing to collect.

Most of what many 3rd Party Debt Collectors do is illegal.  Why do Debt Collectors break the Law so often? Because most American Consumer’s don’t know about their Rights. Those who go to other Debt Help websites, don’t learn about the tricks that Debt Collector’s use that violate and circumvent Consumer’s Rights.

Debt Warriors Have Been Warning Consumer of  Debt Collector Tricks For Years.

I’m proud that Debt Warriors are being proven right on so many financial issues.  I have to admit that sometimes I’ve been discouraged to continue helping people for many reasons.  But to paraphrase Winston Churchill “in the end right will win”.

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DEBT WARRIORS™ are not Attorneys. WE ARE experienced Credit Repair and Debt Management, Negotiation and Debt Settlement Coaches. WE teach American Debtors how to manage and settle their debt (for themselves). The information on this blog, should not be considered legal advice. Debt Warriors offer helpful Credit and Debt “Self-Help” video course, Personal Finance, and information products.

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A Debt Collectors Threats

Last week I was telling you the story of Cedric Darrett. He was living in with his two children in a weekly rate Motel in the San Francisco, CA Bay Area. Cedric was stressed about his life situation and worried about how he would bring a safe home to his family. Then Cedric got the horrible call from Attorney Collection Services. The collector who called Cedric was more than aggressive. This was a Debt Collection Terrorist hell-bent on forcing Cedric to pay a bill that Cedric had no proof of.

Instead of discussing the details of the debt the collector made threats. Rather than send the collector a payment for a debt he knew nothing about, Cedric did what we instruct all of our clients to do.

In Operation One DEBT WARRIORS show you the proven attack method that stops Debt Collector Harassment. In this this Operation, DEBT WARRIORS show consumers how to fight back and use the specific Consumer Protection Laws to stop 3rd Party Debt Collector Harassment. This video course will be free, but only until the end of August 2008 at http://www.debtwarriors.com/.

Back to Cedric. He was in a War On Debt. The threats of the Debt Collector got so bad that Cedrick had to file a Police Report. I’ll tell you more of the shocking threats and how it all turned out in the next few days.

If you have a Debt Collection nightmare to share we’d love to hear it. Don’t hesitate to leave us a comment below.

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Don’t Let Debt Defeat you!

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