The statute of the limitations is a law in each State & every country which prohibits certain actions for a specific period of time, in the cases of debt. It is a common practice in which different companies buy the debts and then call the individual debtors long after the statute of limitations, thus threatening them to go to court. Many of you might still be wondering what the statute of limitation is and how it actually works? Well, here we have explained it in simplest possible way to help you grasp the idea behind it.
The first thing which you need to know is that statute of limitations only affects a case when you go to court. If you don’t go to the court, the statute of limitations doesn’t come into play.
At international Legal Recovery, we have our representatives in different countries and we deal with the debt cases according to the regulations of the place where the case is being pursued. It is different for states inside the US as well. For instance in California, the duration of the statute of limitations is 4 years, in NY for services rendered it is 6 years, in Illinois & Switzerland it is 10 years, and 15 years in Ohio and Kentucky.
So, say the statute of limitation is four years in a state and we call the debtor on the fifth year then there is no violation of the law unless we write or tell him that we will sue him if he doesn’t pay the debt that is justifiably owed.
But if, in the fifth year our attorney files the case in the court and the debtor shows up with his attorney, to whom he has paid a retainer for the services, who brings forward the statute of limitations & then the case will be dismissed with prejudice. As a result, we won’t be able to bring it again into the court.
A common misconception which we would like to clarify here is that we don’t buy any debt at International Legal Recovery. All of our cases come from clients and recommendation of clients, or from the new people who have provided essential preliminary documents necessary to prove that the debt owed, in our opinion. The basic documents which new clients need to produce, at the very start are statement of account, correspondence, proof of bad checks, and proof of contracts. Without these, we won’t be able to further your agenda in the court and in front of the debtor.
Over the years, we have successfully helped multiple companies get their money through our expertise. We love to engage with people and help them sort out their account receivable problems. To know more, you can call us at 213 935 0237 and talk to Alan Lederman about your case. You can also send us an email on our website www.the900poundgorilla.com. We will help you in collecting the money that is owed you.