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Consumers are often plagued by debt
collectors collecting
old debts. These
old debts are sold to secondary
creditors. These secondary
creditors-collectors are governed by the
Fair Debt Collection Practices Act (FDCPA).
In Minnesota, because these debts are based
on a contract between the consumer and the
original creditor, to properly succeed a
lawsuit to collect these old debts must be
brought within six years from the time of
default or reaffirmation of the debt. If
you reside in Minnesota, never pay anything
toward an old debt that is older than six
years! When presented to courts as
defenses, the
statute of limitations
prevents creditors from obtaining judgments
for these old debts. After seven years, one
hundred and eighty days, these old debts
should not even appear on a consumer’s
credit report because they are considered
obsolete. A debt collector who is governed
by the FDCPA may violate the Act if a debt
collector sues or threatens to sue on an old
debt which is not collectable because of the
six year statute of limitations.
The information discussed above is not well known or
understood by consumers. Typically, consumers do not
talk to other consumers about their financial
problems. People may discuss their divorces and how
good their lawyers are, but they are reluctant to
tell others about their debts and the attorneys who
help them. To learn more about secondary creditors
and what you can do to stop abusive debt collectors
from collecting old debt, please contact William
Michelson or
find a lawyer in your state to help
you.
Once a consumer retains a lawyer and a debt
collector who is governed by the FDCPA knows it,
that debt collector may contact only the lawyer and
not the consumer. The client-lawyer relationship
ends the unwanted intrusions on a consumer’s life by
the debt collector. If you live in Minnesota, let me
be the lawyer who helps you deal with your creditors
and debt collectors who are trying to collect old
debt. Please contact me if you would like my legal
representation.
Links on Debt Collection Abuse
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