Digging out of a deep financial hole can make consumers with the most resolve cringe. To make matters worse, a third party debt collector such as Gatestone & Co International Inc. contacts you to explain the ramifications of not paying off an outstanding credit card or personal loan balance.
The empty feeling caused by substantial debt turns to fear and anxiety, as you believe there is nowhere to turn for help.
A landmark consumer protection law says otherwise.
Under the Fair Debt Collection Practices Act (FDCPA), debt collection agencies have a limited amount of time to file a lawsuit against consumers to settle delinquent credit card and personal loan balances.
Each state sets the statute of limitations for filing a lawsuit, with four years the most common period mandated by state law. The FDCPA statute of limitations clause refers to lawsuits, not the contact made by third party debt collectors to settle outstanding debts.
Hire a Lawyer to Draft a Proper Letter
Although the FDCPA is considered a comprehensive law that protects consumers against unethical debt collection agencies, the groundbreaking legislation does not define how to draft an effective statute of limitations letter.
By working with a licensed consumer protection lawyer, you ensure the statute of limitations letter drafted for Gatestone & Co International Inc. follows every guideline mandated by the federal consumer protection law.
Your lawyer will also make sure Gatestone & Co International Inc complies with every other provision of the FDCPA. Debt collection agencies are prohibited from issuing threats or using abusive language in attempts to coerce consumers to pay off outstanding credit card and personal loan accounts.
Gatestone & Co International Inc must also abide by the time restrictions set by the FDCPA, which prevents third party debt collectors from calling consumers between 9 pm and 8 am. Any violations of the FDCPA allow consumers to seek monetary damages by filing a civil lawsuit.
![Statute of Limitations Expired for Gatestone & Co. International Inc.*]()
Sample of an Actual Statute of Limitations
Writing a statute of limitations letter requires the deft legal hand of an experienced consumer protection lawyer. Even the slightest hint of admitting to the existence of a consumer debt restarts the clock on the statute of limitations.
Let’s review a standard statute of limitations letter.
To Whom It May Concern:
This letter is in response to your phone call on January 15, 2016, concerning the account number at the top of this letter.
I have checked with my state Attorney General’s office and I have verified the statute of limitations on my type of debt has expired. Therefore, if you choose to pursue this matter in court, my lawyer will show proof the statute of limitations has expired.
I do not wish to be contacted about this debt any further except to be notified that future collection efforts have ended. Any other communication regarding this debt will be taken as a violation of the Fair Debt Collection Practices Act.
Sincerely,
Your Name
Placing important personal information in bold font is a good strategy for letting Gatestone & Co International Inc know you and your lawyer are serious about ending all forms of communication.
Speak with an accomplished FDCPA lawyer today to learn more about the legal protections granted by the FDCPA.
Additional Resources
*Disclaimer: The content of this article serves only to provide information and should not be constructed as legal advice. If you file a claim against Gatestone & Co International Inc or any other third-party collection agency, you may not be entitled to any compensation.