How to Determine Debt Collection Statute of Limitations

If you've got an aged credit card debt or loan that you've failed to repay, it's helpful to know that debt collections agencies may be unable to sue you for the amount if the statute of limitations has expired on the amount you owe. Because the statute of limitations (SOL) varies widely depending on the state where you acquired the debt or the type of account, for example, it's vital to know where your debt falls. Consider these tips to determine debt collection statue of limitations.

Instructions

1

Determine the day that you last used the account in question or received a loan payment, for example. You can typically use the last date listed for the account on your credit report as legal proof of how long it's been since the account or loan has been active.

2

Note that debt collection statute of limitations doesn't typically apply to certain types of money owed, such as income taxes, legal fines (like traffic tickets), child support payments or federal student loans.

3

Consult listings on debt-related websites for a quick appraisal of the statute of limitations for your particular form of debt. Sites like Fair-debt-collection.com, BCSAlliance.com and CreditInfoCenter.com provide charts and information on individual states since each has a different statute of limitations for debt based on whether it's an open account (like a credit card account), a promissory note or an oral or written agreement.

4

Contact your state Attorney General (www.naag.org) to confirm debt collection statute of limitations if you intend to dispute a debt in court against a collection agency. The AG can provide official documentation and up-to-the-minute legal information.