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How long can a creditor look for you?
August 2nd, 2010 | 
Author: Many people in debt often worry about how long they have to bear the harassment of the creditor. This kind of problem people faces when they really want to clear the debt but has no money to pay off. In that case, people must remember that it depends on which state you live in, where actually the debt has incurred and what is the statue of limitation with respect to debt collection.
As one will simply leave the money go off, banks or money lender will also do not forgive you from paying the money you owe. They will try to make every effort to collect money from you.
It is not the lender only tries to collect the debt from you but many people like collection agencies can start collection proceedings fresh. It means when the lender is unable to collect the debt, it is sold to collection agency which in turn can be sold to other collection agency. Every time the debt is sold to other, they will start collection proceedings against you that may cause trouble to you.
The process of debt collection will actually start when the debt collector buys your debt is, send you a letter in mail stating that if you don’t respond to the debt collection letter within mentioned time usually 30 days they will assume that you owe particular debt and start collection proceedings.
In that case verify about the debt in your records that the particular debt, they had mentioned in mail was correct or not. As the debt collection agency deals with hundred of thousands of debt, it is possible that the letter reached you by mistake.
If the debt is correct and wants to clear the debt in full to avoid all such harassment, then it is good time to contact collection agency and negotiate debt. Start working out the debt payment plan and different options you might have to get ridding of debt.
If you cannot afford to make payments and clear the debt then see since how long the debt is in your credit report and check the statue of limitations of the state in which you incurred debt. Statue of limitation is something that saves the debtor from all the headache of collection process. It means if you have debt outstanding for last 9 and your statue of limitations state that debt can at most be collected for 10 years, then you have only one year to get the debt becomes invalid.
Having debt affect your credit report, make sure that starting the debt payments after 9 years when they will be on credit report for maximum of one more year mistake that most people make. If you do so you will bring the debt to active and will stay for total of another 10 years if you fail to pay off the debt in full.
Therefore, it is better to check the statue of limitation before contacting the debt collector.
Articles on this site have been acquired from a variety of sources. No content on this site should be considered financial or legal advice
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When you mentioned harassment, I think I you hit the right word since everyday at the house, at work and even at my friend’s house. Collections agency from I don’t know where they are because of their accent calls me and try to collect money from me. Is there a law that can help me from this harassment?
Well, technically they can harass you as much as they can. But if you have nothing to pay then you’ll have nothing to pay. Leave it like that until such time that you have sufficient income to pay.