how long can a company try to collect a debt?
112809
Amazing!  7 straight incorrect answers!  You all should give back your answer points!!!!!\n\nThere is a Statute of Limitations on Debts.  The link below gives you the SOL for each state.  None are longer then 10 years.\n\nThe date starts from the time you defaulted on the loan.\n\nSo take a deep breath and relax!  Not only can they NOT sue you for the money, they can NOT place anything on your credit record.  Debts can only be placed on your record for 7 years.\n\nThe link below has a sample letter that you can use to write to the collection agency. It's called a Cease and Desist letter.  By law, the collection agency can no longer contact you.\n\nVery important!  Include in your letter that:\n\n1. The statute of limitations on this debt has expired.\n\n2. Demand that if they still insist the debt is legit, that they VALIDATE the debt.  \n\nValidate is not the same as "Verify". It means that they must supply you with all proof that the debt is legit.  That includes copies of bills, contracts, receipt, and statements to trace every dollar you owe.  \n\nVerify a dept simply means they will contact the original debtor and ask if it's legit. If they say it is, then it's now a "Verified" debt and they will continue to hound you.\n\nNeed more help contact me.  \nDon't worry, I'm 100% certain we can get these guys off your back.
777433
NO, because they start making a profit in usually  3 years after that its all profit and it usually take 7 to ten years to get into real financial debt .Just stay away from credit cards they will bring you and this country down.
321813
If you are in the UK you can pursue an arrestment on the company ... this is VERY effective.\n\nIf you can prove the debt (without doubt) and the company cannot give a good reason for not paying you can petition the court for a winding up order.\n\nBest bet is hit the Citizens advice bureau (or quick chat with your solicitor if he will do it free!).\n\nGood luck.
1150801
If they have already contacted you regarding the money, there is no statute of limitations on collecting.  Howefver, they have three years from the date you filed your return to examine your returns.  Once they have done that, they can take their time.  However, if they beleive you have committed fraud, they can audit EVERY tax return you ever filed.\nIf you owe them, you will have to pay.  Bankruptcy won't help since taxes are excluded from debts that get discharged.  Your best bet is to try to work out some payment plan that you can afford.  If they agree to it, DON'T default or they can demand the entire debt to be paid at once.  FYI, state and local taxing authorities make the IRS seem like kittens so don't mess around.
891035
You should file an answer with the court that argues that the Statute of Limitations expired on 7/14/2006 and therefore the lawsuit is barred/not timely.\n\nYes, you have a chance of getting it dismissed.   The date of last activity should start the clock ticking on the 6 year term.\n\nWas the credit card issued while you were in Michigan?\n\nEdit: If the amount is significant I would highly recommend you get legal advice from an attorney in Michigan.\n\nBTW, when you made your last payment on 7/14/00 did that bring your account current or were you still behind at that point?\n\nFollowup:\nYou should stick with the story that you've had Indiana as a residence the entire 6+ years.  \n\nIf you were overlimit as of the time you made the last payment you have a stronger story that it was not only the date of last activity but you had been in default on your credit card agreement for some time prior to that.\n\nI would again urge you if it is a large sum of money to find an attorney to provide you with legal advice so you don't get run over in court.   Most attorneys will give you a free consultation.\n\nDo not admit to the debt being yours.  Make them prove everything.  Deny that they are entitled to late charges, interest, attorneys fees, collection costs, everything.  If you don't challenge something the court will take it to be true.  Deny that the amount owed is correct, make them produce copies of your statements showing the charges.  Make them produce your original, signed account agreement.   Deny, deny, deny.  \n\nIs the original bank suing you or is this some collection agency that purchase the written off debt?  If it isn't the original bank there is a good chance they can't prove anything and are just hoping you don't show up in court.\n\nDo not agree to any delays.  It is common when a collector goes to court they are hoping for a default judgment and when you show up they ask for a delay.  Insist that you came to court prepared and the other side should have as well.
668672
Yea they can. States laws are different but here in Alabama.  First they will serve you with papers.  You can either go before the judge and plead your case (which I recommend) or do nothing and the company will get default judgement on you.  Once they get that after 14 days they can file for garnishment and take 25% of your paycheck until the debt is paid.\n\nGo in front of a judge and plead your case.  Its the only shot ya have.
711984
5-7 years, however the impact is less as time goes by.  Close to the 5-7 years period they will call you to settle on a smaller amount because they know it will drop of your report.\n\nAt this point you probably won't be paying the original loaner. Companies buy this bad debt for pennies on the dollar.  Say you had a bad debt for 1000.00  They buy it from the original loaner for 50.00 and try to get you to settle for 500.00.  450 profit for them.  They will attempt to make you feel guilty and tell you what how they are being helpful by letting you only pay 500.00  They can be nasty.
811018
Call your landlord and creditors immediately and explain your problem.  You may have to pay late fees, but usually they will hold off on collecting as long as they know you're willing to pay.  Good luck!
565071
You still owe the debt to the owner of the company. The debt may have been sold.
540717
You will have to be much more specific for an answer to your question. Do you mean how long can someone try to collect money from you for bills you owe? Each state has collection laws, but they are different for different kinds of debts. And it is statute, not statue.
1055741
Our company collects on civil judgments nationwide.\n\nThe statute of limitations for Florida for domestic (in-state) judgments is 7 years.  In other words, you have the right for 7 years to collect on the judgment.  At the 7 year point, you can renew the judgment by filing some simple paperwork at the courthouse where you obtained a judgment.  Within those 7 years (and the years after, if you renew), your debtor is obligated to satisfy the judgment.  The debtor is also obligated to satisfy the interest and court costs.  If left unpaid for many years, your judgment will be worth much more than $2,000, and your debtor will still be obligated for the full amount.\n\nFlorida is a notoriously debtor-friendly state, and you will need to aggressively pursue your collection.  The first step for you in the collection process is to thoroughly investigate what your debtor owns that is seizable under Florida state law.  Some of this information is not easily obtainable, especially bank account information, and you will need to be willing to use a reputable asset search firm or investigator to find the information.\n\nYou can also hand your judgment over to a judgment recovery firm, although we routinely counsel against this for smaller judgments.  The standard profit sharing rate is 50/50, and the cost/benefit ratio is really not worth it for the creditor.  Frankly, with a little "elbow grease" and good information, most small claims creditors can pursue the judgment themselves.  \n\nAs a side note, it is questionable whether you will be able to garnish wages in Florida, especially if your debtor is the head of household.\n\nPlease contact me, and I can give you more information.  We also have a website with useful information to the judgment creditor, especially our FAQ - http://www.jcsusa.com/About%20Us%20and%20FAQ.htm.\n\nThanks and best wishes.
1072675
I had a judgement filed against me. I paid the debt. I am now in the process of debt recovery. I did find out that when they file a judgement, you can call the lawyer in charge of the action and talk to them about debt repayment. The interest didn't mount up either after the judgement was filed. The only draw back is that they keep it on file for the next 6 years after the debt is satisfied
234013
until they go out of business.\n\nusually this can be a week, or a month, or until all the inventory is almost gone.  depends on the owner.
1012966
as acting agents of the company they would be responsible. best bet is to retain an attorney and go after them. collection agencies are of no use as they get a large percent if they recover and rarely do. an attorney can take it to court and get your costs and fees back also. you would need a attorney that specializes in commercial law or corporate law. good luck!
666453
How long ago is LONG time ago? Check the statute of limitations on credit card debt for your state. For Ohio, they cannot collect anymore after 6 years. You can find out on suzeorman.com
974335
There are a few ways of provision for bad debt.\n\n1) Actual.  Where a company identifies individual accounts that are delinquent and/or likely to be uncollectable.  Usually, companies use a receivables aging, whereby they are 30/60/90 days past due the payment terms.  Every company is different, but a common provision policy would be to provision 10%, 50% and 100% for 30/60/90 days past due. \n\n2) Estimate.  A company takes an estimate, a general percentage of how much of their receivables are bad at any one time.  The general theory is that the company has been doing business for quite some time and their customer base is large enough that they get a general feel of what it "should be".  This is up to management discretion. \n\nControls:  Invoices have terms on the invoice.  Controls on invoices (e.g. sequential numbering).  Testing of receivables on sample basis. Aging policy is nice because it is a black & white control on what it should be.  For estimates, no control since it is a management estimate - but you can test prior years to see what actual levels were. Basically the controls lie in the A/R department.
402483
Pretty good question.  You might consider this as well, if you have a long (inactive) debt on your record, there may be a line item on your credit report from that company as well indicating that you defaulted.  The ammount may not have been worth their effort to try to collect, but that entry on the credit report may also have an effect on your credit score.  On the other side, it may not be worth your effort to pay the back debt and get the company to resolve the credit issue.  On a third side, you should always pay off your debt as soon as possible just because it is the right thing to due.\n\nRomans 13:8 - Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law.