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YOUR RIGHTS WHEN IT COMES TO OLD DEBTS - FTC OFFERS NEW GUIDE

February 05, 2012

The FTC has issued a publication for consumers on the subject of time-barred debts titled "Time-Barred Debts: Understanding Your Rights When It Comes to Old Debts". It is a FTC consumer alert that answers many frequently asked questions about debt collectors that contact a consumer about old debts.

According to the law, a debt collector cannot sue you for not paying a debt that's time-barred. That is because debt collectors have certain amount of years known as the statute of limitations to sue to collect. The amount of time gets a little tricky for consumers because the statute of limitations varies from state to state and for different kinds of debts. Also, under certain circumstances, the clock can be reset, and the time period can be started fresh.

For more information read the FTC article by clicking here:
FTC: Time-Barred Debts

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