How The Debt Collection Statute of Limitations
Can Help You (Part 2)

These Debt Collectors Are Driving Me Crazy!
Dealing with debt collectors ranks up there with being one of life's most stressful experiences. Amazingly, most Americans have no idea, that even though they may owe money, they still have rights. Debt collectors use that lack of knowledge to trample all over consumers every day. But the tide is changing as more and more citizens are standing up and fighting for their rights! In this session, we’re going to cover some crucial facts about the Debt Collection Statute Of Limitations.

It Does Not Protect You From All Debts
Although the list is very short, certain debts don't have a statute of limitations. This includes federal student loans, income taxes and in some states; child support. Check with a local attorney to be certain.

Don’t Confuse Debt Collection SOL With Your Credit Report SOL
Every debt has two SOLs. One for debt collection and one for credit reporting. The credit reporting SOL is the maximum amount of time credit bureaus can report delinquent debts on your credit report. The Fair Credit Reporting Act dictates the credit reporting SOL.

How to Use the Debt Collection Statute of Limitation To Your Advantage
If you have debts that you are certain have expired (What's My State's Debt Collection Statute Of Limitations?) and debt collectors are still attempting to collect, roll your sleeves up and get ready to rumble! Remember, if the debt is past your state’s SOL, they cannot legally sue you. Be clear on this, we are not advocating for anyone to stop paying his or her bills.

What we are saying is, oftentimes people end up in financial hardships and consequently, struggle financially. When that happens, it can takes years for a person to get back on their feet. I recall one incident in which a man got divorced and his soon-to-be ex-wife took everything he had worked hard for. The only thing she left him with was her credit card debt, all of which she had before they married.

By the time he paid his child support and marital maintenance, he basically had nothing left. For a time, because his money was so tight, the man was forced to live in his car and eat .99 cents hot dogs. He went from the car to living in a storage unit. Although he desperately wanted to, he couldn’t pay any of those credit card bills or any of the other loans.

It took him approximately eight years to start getting his life back on track. In that time he still hadn’t paid on any of those credit card bills or loans. He hadn’t forgotten about them; he constantly received calls from various debt collection companies advising him that that they had just bought thus and such debt. He told them like he did the day he got divorced, he wanted to pay them but he had no money left after the court ordered child support and maintenance.

Unbeknownst to him, in the state he resided, the debt collection statute of limitations on all of his bills had expired. When he found out, of course he was elated. He could now deal with the debt on his terns.

A Word of Caution About the Debt Collection Statute of Limitations
If your debts have expired, or are real close to expiring, be careful not to restart the statute of limitations. How do you do that? By making a payment, making a promise of payment, entering a payment agreement, or by making a charge using the account in question. Once you take any of those actions, the clock restarts from zero, no matter how much time had elapsed before the activity. The debt collection statute of limitations is an effective tool for consumers to rid themselves of the stress and burden of their debts.

People who read this article, also read:
How The Debt Collection Statute of Limitations Can Help You (Part 1)
When it comes to dealing with debt collectors and debt collections companies, the Debt Collection Statute of Limitations can help you. Find out how... don't allow debt collectors to push you around.

Joel Marks has been helping people get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

Source: http://debterasure.com/

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How The Debt Collection Statute of Limitations Can Help You (Part 2)

How The Debt Collection Statute of Limitations
Can Help You (Part 2)