What is the statute of limitations on debt collection?

In South Carolina, the statute of limitations for collecting debt is three years. This means that creditors have three years from the date of the consumer’s last payment or agreement to collect the debt. After this time period has passed, creditors can no longer legally sue to collect the debt. This protections is provided by the South Carolina Consumer Debt Defense Law, which aims to protect consumers from excessive debt collection practices. The statute of limitations can be reset depending on different factors such as when the consumer acknowledges the debt or when a payment is made. For example, if a consumer acknowledges the debt or makes a payment within three years of the last payment or agreement, the statute of limitations is reset. This means that the creditor can legally sue to collect the debt for another three years. Similarly, if a consumer recognizes the debt in writing after the statute of limitations has already passed, the time period can be reset again and creditors can once again legally sue to collect the debt. It is important to understand the statute of limitations in regards to debt collection, as creditors cannot legally sue to collect the debt if the time period has passed. Consumers should also be aware that the statute of limitations can be reset under certain circumstances, so they should be mindful of any payments or agreements they make regarding the debt.

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What is the statute of limitations on debt collection?

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