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How long can a creditor collect an old debt?

The answer depends on the type of collection activity:

1. A creditor can file a lawsuit within the "statute of limitations" -- which here in FL, is generally 𝟰-𝟱 𝘆𝗲𝗮𝗿𝘀 from the date of your last payment (unless a different state law applies in your cardholder agreement).

2. A creditor can report information to the credit reporting agencies for 𝟳 𝘆𝗲𝗮𝗿𝘀 from the date of your last payment.

3. A creditor can informally contact you by letters, calls, etc. to collect a debt 𝗶𝗻𝗱𝗲𝗳𝗶𝗻𝗶𝘁𝗲𝗹𝘆 but, if applicable, must also inform you that the debt is outside the statute of limitations.

If you're receiving informal collection communications by letters, calls, etc., 𝗱𝗼 𝗻𝗼𝘁 𝗺𝗮𝗸𝗲 𝗮 𝗽𝗮𝗿𝘁𝗶𝗮𝗹 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝘁𝗼𝘄𝗮𝗿𝗱𝘀 𝘁𝗵𝗲 𝗱𝗲𝗯𝘁 𝗼𝗿 𝗮 𝘄𝗿𝗶𝘁𝘁𝗲𝗻 𝗽𝗿𝗼𝗺𝗶𝘀𝗲 𝘁𝗼 𝗽𝗮𝘆 the debt because that can re-start the statute of limitations.

#ZDLaw #ConsumerRights #TheMoreyouKnow #FDCPA #FCCPA #StaleDebt

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Ziegler Diamond Law: Debt Fighters helps Florida consumers to strategically eliminate serious debt. By reviewing consumers' individual situations against all of their debt resolutions options - chapter 7 bankruptcy, chapter 13 bankruptcy, debt negotiation, debt litigation, and even suing creditors, they seek to optimize the path to get out of debt to minimize a consumers' costs, credit impairment, and collection risks.

This video is not legal advice and the use of this information does NOT create an attorney-client relationship.