DEBT COLLECTOR COME AFTER YOU. When you do not pay a debt, the creditor has several options. You can try to make you pay, they can sell the debt to a collection company, or you can simply cancel. Of course, they also have the option to sue for the amount borrowed plus the additional charges. But how long can, or the collection agency that collects on your debt, then go for the money?
Collection agencies as the new debt. If they can get the debt that was missed in the last 180 days, which have a very high probability of contacting you for payment. When they buy the debt, get the latest phone numbers, address, social security number and any other information that the lender feels is important. You can even get original signatures or documents showing that you agreed to the terms of service and are legally responsible for the debt.
Collection agencies as the new debt. If they can get the debt that was missed in the last 180 days, which have a very high probability of contacting you for payment. When they buy the debt, get the latest phone numbers, address, social security number and any other information that the lender feels is important. You can even get original signatures or documents showing that you agreed to the terms of service and are legally responsible for the debt.
When the collector takes possession of your file, begin to pursue immediately. You will receive letters, phone calls, and the lingering suspicion that every time the phone rings, it will be someone who wants the contents of your wallet. The coolest of the debt, the harder they work, because they know where to find it.
After a period of time, usually from 9 months to a year, the debt begins to get known as "stale." This debt is much more difficult to collect. Someone has to pay a loan or credit card has probably failed in others, and may have to eviction or have moved to try to find work. Their phone numbers will probably not work, the address is valid, and the debt collector has to work harder to find (see CC2: How debt collectors to find). This debt, when purchased, has a much lower yield has new debt. Because of this, it is much less expensive than fresh for a debt collection agency to buy.
Elderly remains outside the law of debt. From a legal point of view, every state has rules about how long a person can be sued by a collection agency trying to collect the debt. When the debt goes to a certain number of months or years after the initial default, the collector can not sue for it. That's why we often demand in the months before the debt goes beyond the law. Once the lawsuit was filed, no matter how long you wait. There is no limit of time after the presentation. Before filing, however, have a limited time.
Outlaw debt is very difficult to collect. However, since it is so cheap, it takes very few dollars raised for a collection agency to make a profit. It is possible that, depending on your initial contract, also be able to try to collect interest at the rate of default. It takes very few payments for these people feel rich. Since the period of time varies for this debt, which should be familiar with your state laws regarding collections. Texas is among the most favorable for the debtor to 2 years, and Ohio is one of the more stringent 15.
The conclusion, however, is that there is no time limit for them to try to collect. There is a time limit for suing you, but you can call forever.
A final note on this: If you respond to a collection agency through a payment or writing a letter, the clock starts running again for collections outside the law. At that time, can be sued again, provided the original term of outlaws has not elapsed. And if you want the calls to stop, you need to learn your rights under the Fair Debt Collections Practices Act (FDCPA).
About the author: Brent Tucker is the author of 'cleansing credit: Your Personal Guide to fixing your credit and keep it clean. "In addition to working for a large collection company as Director of Business Intelligence and Data Architect chief, has also addressed issues of personal credit from the loss of a marriage, a close business and other life issues.
After dealing with foreclosure, repossession, bankruptcy and debt collectors, Brent used his experience recovering from a personal credit crisis and developed a credit repair system that allows the person to clean your own credit, in Instead of relying on an impersonal service.
DEBT COLLECTOR COME AFTER YOU
