The statute of limitations has been
designed to stop legal action against debts
that are too old according to the US Federal
Government. The statutes are different for different
types of contracts and where you live. We have
organized the types of contracts as well as
the individual statutes for each state below.
Oral Contract: You agree to
pay money loaned to you by someone or some company.
This contract or agreement is verbal (i.e.,
no written contract, "handshake agreement"
or "verbal agreement"). Verbal contracts are
legal but tougher to prove in court.
Written Contract: You agree
to pay on a loan under the terms written in
a document, which you and your creditor have
signed.
Promissory Note: You agree
to pay on a loan via a written contract, just
like the written contract. The difference between
a promissory note and a regular written contract
is that the scheduled payments and interest
on the loan also is spelled out in the promissory
note. A mortgage is an example of a promissory
note.
Open-ended Accounts: Open-ended
accounts are usually credit cards, department
store, and gas cards. They are revolving lines
of credit, which means that you use credit and
pay a monthly payment that usually ranges from
2% to 5% of the balance.
Have you been contacted by a "Junk Debt Buyer" attempting to collect on a debt that you believe is past the statute of limitations? Dealing with a Junk Debt buyer can be difficult and intimidating. We are not attorney's and we can't give you legal advice however; we have extensive experience stopping these bottom feeders in their tracks. We can help protect your rights, stop harassment and document everything with our Custom Letter Service. This way, if the debt ever comes back to haunt you, you will have solid documentation that may very well put an end to it.
Also, have you checked to find out if the Junk Debt Buyer is reporting to the Credit Bureaus? Your credit report is the first thing you should look at when contacted by a debt collector.
Note: This chart is only for the amount of time you legally owe the debt, not for the amount of time it can be reported. We can help you remove questionable negative items and junk debt from Equifax, Trans-Union and Experian with our Credit Improvement Service.
Statute of Limitations
(Listed by State)
