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Statute of Limitations Expired for Gatestone & Co. International Inc.*
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Statute of Limitations Expired for RGS Financial*

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Having a third party debt collector contact you about an outstanding credit card or personal loan balance is one of life’s most stressful events.

From family members learning about the debt to professional peers seeing you sweat it out with a bill collector such as RGS Financial, it seems like the invisible walls are crashing into you. All might appear to be lost, but the fact remains you hold several important legal cards up your sleeve.

Debt collection agencies like RGS Financial have a limited amount of time to file lawsuits against consumers. Legally referred to as the statute of limitations, the time limit placed on debt collection agencies is one of many legal provisions that the United States Congress adopted in 1977.

In fact, the Fair Debt Collection Practices (FDCPA) grants consumers several legal protections against the unethical practices used by many third party debt collectors.

Drafting a Statute of Limitations Notice the Right Way

The FDCPA prohibits debt collection agencies from using abusive language or making threats to coerce consumers into paying off outstanding credit card and personal loan accounts. Debt collection agencies also are restricted from calling consumers in regards to consumer debts between the hours of 9:00 pm and 8:00 am.

Another legal protection enjoyed by consumers is the statute of limitations for filing a lawsuit to collect on a delinquent consumer debt. The statute of limitations applies strictly to a lawsuit and it does not apply to any form of contact a debt collection agency such as RGS Financial makes with you.

By hiring a licensed FDCPA lawyer, you work with a legal professional that not only knows how to draft the perfect statute of limitations notice, but also a legal expert that will include a cease and desist request.

Statute of Limitations Expired for RGS Financial*

What to Include in the Notice Sent to RGS Financial

Your lawyer will make it clear to RGS Financial that the sands of time have run out on the filing of a lawsuit to collect an outstanding consumer debt. The letter should also include language that demands RGS Financial refrain from making further contact with you, except for a letter or phone call confirming the bill collector will no longer try to contact you.

You should never acknowledge the existence of an outstanding credit card or personal loan balance. Any form of acknowledgement automatically restarts the statute of limitations clock. Moreover, do not confuse the statute of limitations for filing a lawsuit with the credit reporting time limit.

The statute of limitations for collecting an outstanding debt is set by each state, while a federal law has created the credit reporting time limit. Your FDCPA lawyer will help you stay on top of both time limits to ensure you enjoy full legal protections under state and federal laws.

Do not attempt to craft a notice to RGS Financial that the statute of limitations has expired on the collection of a consumer debt. Contact an accomplished consumer protection lawyer today to enjoy every legal protection written into the landmark 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 RGS Financial or any other third-party collection agency, you may not be entitled to any compensation.

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