The date in which the limitation period begins is from the last payment made on that agreement. From this information you should be able to determine as to whether your credit agreement is a statute barred debt.
It should be noted that just because it has passed the statute limitation period, it does not mean the debt is no longer existent. It simply means that you can no longer be threatened with court action to repay the old debt.
Even though the lender may now be barred from pursuing the debt recovery, it does not mean that they are not allowed to attempt to recover it. Many debt collection agencies will use underhand tactics in an attempt to re-engage you with your debt.
If you have been approached by a debt collection agency about a debt which you believe to be statute barred, your first action should be not to … Read the rest