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Debt Collection: Can They Force Me to Pay?
When you owe a debt to a creditor and you stop making payments on the account, the creditor will usually make attempts to get you to pay the debt for a few months. If this does not work, they will sell your account to a collections agency. These agencies are much more aggressive than the original lender in most cases. While no one can force you to do anything you don't want to do, it is in your best interest to make good on the debt as quickly as possible. Otherwise, your credit can be ruined and your credit score will plummet. The agency is also allowed to sue you to make good on the debt, which can cost you much more than the original balance on the account.
Many times, debts are sold to collections agencies and they may slip through the cracks for years. Statutes of limitations on old debts are governed by the laws of the state where you reside. Depending upon the type of debt, creditors may only have three years to collect on the debt. Some states allow up to ten years to make collections attempts. It is important to know the laws of the state in which you reside, otherwise you may pay on a debt that is far outside the statute of limitations and no longer your responsibility.
If you are dealing with a debt that has gone to collections, you will benefit from seeking the advice of a professional. That's where we come in. We have provided a list of the top ranked credit repair companies working in the United States for you to browse and find the one to best help you achieve your financial goals.