Is there a statute of limitations on debt settlement?

Yes, there is a statute of limitations on debt settlement in Washington. This law limits how long a creditor can seek to collect a debt from an individual. The statute of limitations for debt settlement in Washington is between three and six years, depending on the type of debt. If an individual owes a debt from a written contract, such as a loan or credit card, the statute of limitations is six years. If the individual owes a debt from an oral contract, such as a loan from a family member, the statute of limitations is three years. If the statute of limitations has expired on a debt, the creditor can no longer collect the debt. This means that the individual no longer has to pay the debt and the creditor must take it off of their credit report. It is important to note that if the debtor makes a payment on a debt after the statute of limitations has expired, the clock can be reset and the creditor can start the process of collecting the debt again. Therefore, if an individual is unable to settle a debt, they should not make any payments on the debt after the statute of limitations has expired.

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Is there a statute of limitations on debt settlement?

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