Mistake #5 - Resetting The Statute Of Limitations

The statute of limitations is a legal amount of time that the creditor has to sue you on a particular debt. This length of time will vary depending on where you live or where you acquired the debt. It may also vary depending on the type of debt or how the debt is evidenced. For example, debt obligations hat are in writing usually last longer than those that are not.

Even though the statute of limitations has passed, the creditor can still contact you about paying the debt. They just cannot sue you for it. However, in some cases, if you pay on the debt after the statute of limitation expires, this can actually reset the statute, giving the creditor the right to sue you again. It is important to be careful about paying older debts to avoid this type of situation.

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