Is there a statute of limitations on debt settlement?

Yes, there is a statute of limitations on debt settlement in Pennsylvania. This law, known as the Pennsylvania Fair Credit Extension Uniformity Act, sets a time limit for how long a creditor can legally pursue a debt. This law states that any debt that is six years or older cannot be legally collected, and the creditor must stop collecting it. The statute of limitations can be restarted if any payment is made by the debtor on the debt, or if a payment agreement with the creditor is made. As long as the debt is still legally within the statute of limitations, a creditor can still try to collect the debt. If a creditor continues to attempt to collect on a debt that has passed the statute of limitations, this is considered a violation of the Pennsylvania Fair Credit Extension Uniformity Act. In this case, a debtor has the right to sue the creditor for damages. To do this, however, the debtor must prove that the statute of limitations has expired and that the creditor illegally pursued collection. The statute of limitations for debt settlement in Pennsylvania is important for both debtors and creditors. Debtors are protected from being harassed by creditors for debts they cannot legally collect, and creditors are sure to be aware of time limits in order to keep in line with the law.

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Is there a statute of limitations on debt settlement?

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