Statute of Limitations

[hopeless]

Is the statute of limitations still in effect if collection agencies keep selling off your account. In other words, if the original account is 7 years old and has already been through four agencies, does the statute of limitations still apply? I have had a couple of credit cards leave me alone for years and then pop up out of the blue.

[ChrisRocks]

The Statute of Limitations for your state is based on when you defaulted on the debt. When and how many times that debt is sold/re-sold has no bearing on the Statute of Limitations.

Also important to note is that the Statute of Limitations may prevent them from collecting on the debt by means of a law suit (the statute of limitations being your defense) -- it has no impact on their ability to try to collect on the debt.

If you are confident that the debt is beyond the statute of limitations for your state, you can send the collection agency a letter outlining that fact along with a request to cease all further communication with you. If you send this letter and the debt is not outside the statute of limitations time period - you do run the risk of them taking legal action (since they will no longer be able to contact you any other way).

Search "google" for "cease and desist" letter for more information. Use with caution...

[rebuilding]

Ok lost here a little on the statue of limitations, had a debt in Nevada, a furniture store, missed first payment in Aug 2000, went through a divorce, was on my credit report for a very long time, then all of the sudden a company named Enhanced Recovery Corp starts calling a few months ago, said they bought the debt and the clock has started all over again . Legally what can they do? Signed Lost !!!!