What is the statute of limitations on debts?

In South Carolina, the statute of limitations on debt is governed by the South Carolina Statutes (S.C. Code Ann. § 15-3-530). Generally, a creditor has either three or six years from the date of the last payment or the date the debt became due to file a lawsuit against the debtor to collect the debt. If a debt is a written contract, the creditor has three years to file a lawsuit. If the debt is an oral contract, the creditor has six years to file a lawsuit. Unsecured debts, such as most credit cards, medical bills, and unsecured loans, typically fall under the three-year statute of limitations. Secured debts, such as a mortgage or car loan, typically fall under the six-year statute of limitations. The statute of limitations on debt is an important protection for consumers. It sets a limit on how long a creditor can attempt to collect a debt. After the statute of limitations expires, a creditor can no longer take legal action to collect the debt. However, even after the statute of limitations has expired, a creditor can still attempt to collect the debt through other means, such as telephone calls, billing statements, and collection letters. It is important to note that the statute of limitations on debt does not mean that the debt is erased after the specified period of time. The debt is still legally owed, but the creditor can no longer take legal action to collect it. It is important to consult with an experienced attorney if you have any questions about debt collection in South Carolina.

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What is the statute of limitations on debts?

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