Emotion and haggling through debt settlement
Here are two things to keep in mind while attempting a debt settlement.
How to Consolidate Credit Cards into a Lower Payment
How can one lower payment replace several high credit card payments?
Saving Money with Coupons
Just spend a little time looking and organizing, and your savings with coupons and rebates can be well worth your time!
What are hard inquiries and why do they matter?
As you looked over your credit report in the past, you probably briefly skimmed the inquiries section. Have you ever wondered how those inquiries affected your credit score?
What is Ginnie Mae?
Do you need to know more about Ginnie Mae? 
Tips to Control Spending
Controlling spending doesn't mean you have to do without.
Paid Collection Still Appearing
Collection records remain even after balances are paid.
Debt management companies in Maryland
Here are some companies you can check out.
Apartments and credit checks
If landlords check your credit first, there may be a fee added to the application.
Lowering Credit Card Debt Begins with Recording your Expenses
Stop taking on new debt to begin with.

Call us now

1-800-838-0861

Statute of Limitations on Debt in New York
By Archana Sabesan on May 21, 2012

New York
Oral Contract 6 years
Written Contract 6 years
Promissory Note 6 years
Open Accounts 6 years
parking-meter-(2).jpgAre you being hounded or harrassed by debt collectors for an old debt you thought was written off years ago? If you answered yes, then it is likely that you are being contacted by a "scavenger debt collector." These are companies that purchase older, mostly uncollectible debts for a small fraction of its value. These type of debt collectors are widely known to use unethical and illegal methods to collect time-barred debt.

You do not have to pay a debt that is considered too old by your state. This is what is called the statute of limitations on debt. It is a statute in a common law legal system that sets forth the maximum period of time, after the debtor becomes deliquent on the debt, that law suits based on those events may be begun.
There are four different kinds of agreements to which the statute of limitations can apply to:

1. Oral Contract - This is kind of like a "handshake agreement." An individual agrees to pay money loaned to them by someone, but there is no written contract. This type of agreement is legal, although it is the toughest to prove in court.

2. Written Contract - An individual agrees to pay the loan under the terms in a written document, which is signed by both that person and their debtor.

3. Promissory Note - This is like a written contract, but a big difference is that the scheduled payments and interest on the loan is described in the promissory note. An example of this is a mortgage.

4. Open-ended Account - This is an account that has a varying, revolving balance. An example of this is a credit card.

Particulary, in the state of New York, the statute of limitations on all four of these agreements is 6 years. If a debt collector calls you about an old debt, do not immediately admit that you owe the debt and do not agree to make any payments. You can just tell them that the statute of limitations has run on this debt and do not contact you again. Do not agree to send any money to them, because if you do so, the statute of limitations might restart which gives them the legal right to sue you.
Current Rating: 0 (0 ratings)
Share:   Add to Twitter   Add to Facebook   Add to Terchnorati   Add to Google Bookmarks   Add to Digg   Add to Reddit   Add to Delicious
Defeat Your Credit Card Debt Today!
 

() -


*Please input the following code to safely submit your information.
 Security code