It never fails. You’re home one evening about to eat dinner and the phone rings, the voice on the other end is a collector calling about a credit card or loan from years ago. So what is the limitations on that? Can they still collect after 5 years, 6 years or more? Am I obligated to pay?
Some points concerning Statue of Limitations:
- The Statue of Limitations (SOL) is the time limit for a creditor to file a lawsuit against a delinquent debt.
- This starts when the debtor becomes delinquent.
- The SOL only covers lawsuits; it does not affect other types of collection actions or the account being sent to the credit bureau.
- If there has already been a lawsuit resulting in a judgment, the Statue of limitations are different.
Here are the Statue of limitations for debts.
Here are the Statue of limitations for judgments.
The bible has many verses on paying our debts. It is the right thing to do! We are in violation of scripture when we have delinquent or outstanding debts and we have the money to pay but we don’t.
“Do not withhold good from those to whom it is due, when it is in your power to do it. Do not say to your neighbor, “Go and, come back, and tomorrow I will give it,” when you have it with you.”
Even if the statue of limitations have expired on old accounts, when you do one day have financial surplus, those old debts should be repaid. If it is in your power to do so, it will release a weight off of you and most importantly, God will be pleased.
