The Best Way to Overcome Statutes of Limitations for Collecting a Debt
“A Man’s Word is His Bond”. Once upon a time this phrase meant exactly what it says. Incurring debt and not repaying it used to be a shameful act. A once powerful motivator, shame, is now a relic of the past. In modern society, methods to avoid repaying a debt have become commonplace. Americans owe close to 13 trillion dollars in consumer debt, and much of that borrowed money will never be recovered. If you need more evidence that skipping one’s bill is in vogue, search the internet using the keywords “collecting a debt.” What you will find are millions of hits offering tips on how to avoid repaying a debt! A national collection agency is invariably described in the most negative language, but the truth is, if somebody owes you money, a national collection agency is exactly what you need. Every state has a statute that limits the amount of time to use their courts’ assistance in collecting a debt.
Statutes of Limitations
When a certain amount of time has passed (usually starting the last day
of an account’s activity), the statute of limitations can preclude the
creditor from recovering the debt owed to them. Although a debtor can
still be sued, a statute of limitations of anywhere from three to ten
years (it varies by state) will end the court’s power to intervene in
your favor. Fortunately, that clock can be reset by a variety of
methods. No one is as familiar with these methods as a national
collection agency.
Advantages of Using a National Debt Collection Agency
Because of the state-by-state complexities resulting from these statutes
of limitations, it can be an extraordinary challenge for a lender to
recover a debt that has become delinquent. A good national collection
agency wades through these complications on a daily basis. The chances
of collecting a debt is greatly enhanced by the services these agencies
can provide.
For example, let’s say you live in Rhode Island and have been trying to collect money from a man who has not paid you a penny in almost ten years. You finally decide to call a national collection agency to help. The agency knows your state’s statute of limitations is nearly expired. They call your debtor and he admits to the debt. Well guess what? Because he acknowledged the debt, the statute of limitations begins all over again. You have just gained 10 years time to have him taken to court for your loss! The collection agency will not only know this, but will handle the details to make it a legal reality. Even if your debtor knows the statute of limitations, the agency has other methods for collecting a debt. These agencies recover hundreds of millions of dollars every year, and some of that could be your money. Don’t you think it is time to hire a well qualified debt collection agency?
To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form above and we will contact you within 24 hours.