You are probably aware of the term “Statute of Limitations” in regards to criminal cases. Prosecutors and law enforcement agencies have a certain amount of time to file criminal charges against suspects. In the world of consumer debt, third party debt collectors must also abide by statutes of limitations mandated by state laws.
However, bill collectors have the legal right to try to collect on outstanding credit card and personal loan accounts. It is just that a third party debt collector no longer can file a lawsuit in attempt to resolve a delinquent debt.
If you sign any document or say anything on record that admits to the presence of a consumer debt obligation, a debt collection agency such as Prince Parker & Associates no longer has to abide by the statute of limitations law set by your state. Admitting a consumer debt exists extends the statute of limitations. Agreeing to a payment plan to resolve an old consumer debt also waives the legal enforcement of the statute of limitations.
Draft the Letter with a FDCPA Lawyer
State law establishes the statute of limitations for the collection of outstanding credit card and personal loan accounts. On the federal level, the Fair Debt Collection Practices Act (FDCPA) has created legal provisions that protect consumers against unethical third party debt collectors.
If Prince Parker & Associates tries to collect the balance on a personal loan account from you, the bill collector must abide by every legal provision mandated by the FDCPA. Moreover, the FDCPA grants you the right to ask Prince Parker & Associates to cease all forms of communications.
Working with a licensed FDCPA lawyer not only ensures you craft a legally binding notice that the statute of limitations has expired on a delinquent debt, but it also will include language that forces a debt collection agency to stop calling and emailing you. Your consumer protection lawyer will sent the notice that the statue of limitations has expired by certified mail to prove Prince Parker & Associates received the legal correspondence.
What the Notice Should Include
An experienced FDCPA lawyer knows exactly what to include in a notice for Prince Parker & Associates that the statues of limitations has expired on a consumer debt. The letter will mention the statue of limitations of the state where you live. It then should go on to explain when the creditor established the first due date and from that day on, the clock on the state statute of limitations began running.
Finally, request the third party debt collector refrain from contacting you again. Do not acknowledge an outstanding debt or make any promises to resolve the financial matter. Even implicit agreement that an outstanding debt exists can restart the statute of limitations clock.
The FDCPA grants you several legal rights that protect you against aggressive debt collection agencies. Take advantage of the landmark federal consumer protection law, as well as the state statute of limitations, by speaking with an experienced FDCPA lawyer.
*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 Prince Parker & Associates or any other third-party collection agency, you may not be entitled to any compensation.