collecting payout from lawsuit statute of limitations

Its so cheap, if you can work it smart, you dont need to collect that much, said John Pratt, a consultant to the debt-buying industry and an author playnow poker of Debt Purchasing: An Investors Guide to Buying Debt (Morris Publishing, 2005).
Compassionate Eye / Photodisc / GettyImages.As time passes, you might expect an unpaid debt to eventually go away.Her last payment was made in 2005.Of the 11,946 lawsuits that it filed over the last four years in California, 73 involved debt in which the statute of limitation had expired,.In some cases, it's perfectly legal.McCollough paid his credit card bill to Chase Manhattan, we wouldnt be check my game card balance here this morning.What the Statute Of Limitations Does Not.What's My Statute Of Limitations?Making a payment, making a promise of payment, entering a payment agreement, or making a charge with the account can restart the statute of limitations.For most types of accounts, it's seven years from the date of delinquency.
In their collection attempts, debt collectors are allowed to report your debt to the credit bureaus which will include the information in your credit report.
Clark Garen, a lawyer for Professional Collection Consultants, denied that his firm purposely set out to collect expired debt.Unfortunately, there's a lot of misinformation out there about debt collectors, how to deal with them, and what they can and can't do when collecting a debt.Q: Why is an expired debt still on my credit report?Once the statute of limitations has started, you don't want to do something to restart.If the debt is legitimately yours, you still owe.The money is owed whether the debt is a month old or 10 years old, she said.