QUESTION
How long can a debt collector try to collect on a debt?
Asked on Aug 27th, 2012 on Collections - Tennessee
More details to this question:
I had a vehicle repossession back in 2003, and I received a call today from a collection agency (8/2012) stating that this account had been placed with their company and that I am subject to garnishment unless I agree to pay. They gave me the wrong information regarding the account (year opened, name of financial institution, my address at the time, etc) and demanded payment. Is this still a collectible debt? I was a co-signer on this loan and the other party is now deceased. I am in the state of Tennessee.
1 ANSWER
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You should speak with a local consumer rights attorney. There are various statutes that may protect you from collection actions, and the debt holder may be time-barred from filing any suits against you. The statute of limitations to file suit for breach of contract, in Tennessee, is 6 years. However, there are certain rules exempting a creditor from enforcing the action even after the statute of limitations has tolled.
A creditor is still capable of trying to collect the debt regardless of the tolling of the statute of limitations. The statute merely prevents the creditor from using legal proceedings to enforce the debt.
This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.
Answered on Aug 30th, 2012 at 2:04 PM