Collecting time-barred debts is not an easy task. Tracking down debtors and convincing them to pay is quite difficult. When a debt is older than the limitations of the statute, it’s called time-barred debt. It means creditors lose the legal right to sue you over it, though Debt Collectors may still try to do so. Time-Barred debts are debts that are too old for debt collectors and creditors to sue you for.
Each state has a law that explains how long a debt collector can sue you for debt. This period is known as the statute of limitations. Make sure before you respond to an old debt, check the statute of limitations in your state.
What Yo Can Do
There are Few Ways to Handle a Time-Barred Debt,
1. Ask your debt collector to provide written verification of the debt, this process is also known as debt validation and can take approx 30 days of the collector’ s initial contact with you. Once you apply for a written request for verification, during this time of period collectors can’t attempt to collect from you, until and unless they’ve provided proof that you owe the debt.
1. Ask your debt collector to provide written verification of the debt, this process is also known as debt validation and can take approx 30 days of the collector’ s initial contact with you. Once you apply for a written request for verification, during this time of period collectors can’t attempt to collect from you, until and unless they’ve provided proof that you owe the debt.
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