How does one know Statued of limitations on an old debt that has been charged off and sold to a 3rd party?

Concerning 3rd party collections.... How does one know statued of limitations on an old debt that has been charged off and sold to a 3rd party collection agency. Is the debt collectable after a curtain amount of years? And does the statue of limitation begin after charge-off date or the last dated payment made on the account?

How does one know Statued of limitations on an old debt that has been charged off and sold to a 3rd party?
Typically the Statute of Limitations (SOL) starts from the date of last activity or last payment. Making a payment will restart the SOL. In some states, acknowledging the debt will restart the clock.
Reply:this will depend on the state in which you reside. If you have moved to another state since the account went into default and then move back to the original state, some states will %26quot;toll%26quot; the statute of limitations time and only count the time period you lived in that state.


This can be anywhere from 3 to 15+ years.





now here is where it gets tricky. some states are %26quot;adverse action%26quot; states, in which the sol is counted from the date of adverse action - typically the first missed payment that leads up to default. some states rely on the %26quot;date of last activity%26quot; to determine when to start counting the sol, and any time you make a payment or even promise on the phone to make a payment can reset the clock... so once an account goes into default never ever ever talk on the phone to the collectors, do everything in writing certified mail.





and the 7 year period is how long the credit reporting agencies can report the debt, not necessarily how long the collectors can persue legal action, though for some states it is 7 years.





Also, a debt being time barred doesn%26#039;t guarantee that you can%26#039;t get a judgement against you - it is merely an affirmative defense. if you don%26#039;t show up to court, they can still get a default judgement against you.
Reply:http://www.fair-debt-collection.com/stat...





This explains it. Be careful. That statue of limitations bars the debtor from using the court system to collect the debt after a certain period of inaction on THEIR part to collect the debt through the court system. That is, if you own them money, they must submit the claim through the court system before the SOL runs out. It doesn%26#039;t mean that if you don%26#039;t pay after a specified time, the debt is cleared. Read the info on the above site carefully!
Reply:There is a statute of limitations for credit card debt, which is the amount of time that they can take legal action against you for the debt. This time period varies for each state. You can find this time period for your state by going to the link below and looking under %26quot;Open Accounts.%26quot;





http://www.creditinfocenter.com/rebuild/...





If your debt is older than the time period listed for your state, they can no longer defeat you in any court action because the debt is time-barred. This does not mean that they can%26#039;t try to collect the debt...it just means that they%26#039;ve lost the power to take legal action....all they can do after this point is annoy you...



Reply:There is a statute of limitations. I think it%26#039;s 7 years, but it could vary state by state. I think the statute would run from the due date of the debt.