“Dear Steve, My fiancée has over $60k in private student loans. The original amount borrowed was $35k she is a teacher and always thought the student loan forgiveness program would apply and we discovered it doesn’t We have calculated that she cant afford to pay the minimum payments and reduce the balance. Her last payment was May 2014, I read ... Read More »

“Dear Steve, I took out 4 student loans in 2005, 2 Federal and 2 Private. I am current and making payments on the Federal, but my 2 private loans with Sallie Mae have more than tripled in size since 2007. Sallie Mae is trying to say I made a payment in 2009, but there is conflicting information on my credit ... Read More »

“Dear Steve, I have a debt from a local credit union in Texas. Last payment made December 2009. My credit reports shows it as collection/charged off. However they still show a balance. The Texas SOL is 4 years. I have not lived in Texas the whole time, I have lived in Florida and Texas since then. I have kept the ... Read More »

On August 14, 2013, the CFPB, jointly with the FTC, filed an amicus brief in Delgado v. Capital Management Services, LP, et al., a case on appeal to the Seventh Circuit. The brief urges the Seventh Circuit to affirm the district court’s refusal to dismiss a class action complaint alleging that a debt collector’s letter offering a settlement of the ... Read More »

“Dear Steve, I work for a debt settlement company. A client believes he is free from debt after 4 yrs if they havent collected. Is this true? Chris” The Answer Dear Chris, I’m very happy to assist you to help this client. I believe the client is talking about the statute of limitations. The only states it is four years ... Read More »

“Dear Steve, I purchased a van in Florida back in July of 2005. I did a voluntary repossession in February of 2007 in Virginia, after the bank would not wait two days for my first paycheck to clear my checking account (was two months behind). I never heard anything further from the bank after that (I realize now I should ... Read More »

The Consumer Financial Protection Bureau has put out an examiners guide for debt collection agencies. Much of the information is of less interest to debt relief companies but one small section creates an important issue that debt relief companies should pay attention to. In the past we’ve written about the inclusion of time-barred debt in debt relief programs, including credit ... Read More »

“Dear Steve, I just received a summons that I am being sued for what looks like an old Bank of America credit card debt (amount over $10K). This is by a collection agency that purchased the debt, and they are using a legal firm to do this. The state is Idaho. Both the collection company appears licensed to do this ... Read More »

“Dear Steve, Divorced 24 years ago. Being sued for credit card debt from 28 years ago. Judgment filed against me in 1992. My x-husbands and my name are listed as defendants, “et al”, but only my name appears in the body of the judgment. My x-husband was the applicant and I was the co-applicant. I have no recollection of this ... Read More »

“Dear Steve, I was with Note World Settlement for a long time. After them not being able to settle with Discover after 7 year. They told me Discover could NOT do anything to me any more (staute of limiation law) I live in WI. Now I got a bill from Discover for the full amount do now!! what do I ... Read More »

“Dear Steve, I just got a you must pay in full from a debt collector company, I was researching and I believe the statute of limitations on medical bills for the state of Idaho is 7 years. So my question is my outstanding medical bills are from 2005, and I have just now gotten something from this company that they ... Read More »

“Dear Steve, I have a court,in May. I moved to Virginia from NH about six years ago. This debt orginated in NH, the debt is from a credit card from about six or seven years ago. I know that a debt can be transfered from one state to another. I would like to know to how far back on a ... Read More »

I have a judgement for a car loan against me in Virginia for $12,980 that was awarded to the finance company in August 2009. It is now March 2012. The judgement is on my credit report. I live in North Carolina and have been here since 2009. If I’m not mistaken I was also supposed to pay interest in the ... Read More »

Photo Credit: Filin Ilia The Federal Trade Commission has released new information to help you better understand the issues surrounding Time Barred debt and debt expired under the Statute of Limitations. If you would like to learn more about specific state regulations you can use the free compliance module here. Understanding Your Rights When It Comes to Old Debts If ... Read More »

i bought a motorcycle with what the called a revolving credit card. the salesman told me i would get cash back and three months no payments. i didnt read the fine print. :( the money back was for the first three months payments. i didnt get a past due notice till after the third month then a week later i ... Read More »