Tuesday, November 11, 2008


If you have a debt...PAY IT!.

Credit attorneys tell us

"Any unpaid debt will never go away ... but legal action has a time limit."

While "the bill collector" is one person no one wants to hear from from ... these debt collectors play an important role in our economy.

PricewaterhouseCoopers LLP conducted a survey on behalf of ACA International.
The survey found that in 2007 about $40.4 billion of debt was collected and returned.

That $40.4 billion is equivalent to an average savings of $354 per American household that might otherwise been spent had businesses been forced to raise prices to cover the unreceived debt.
If you have debt - know the laws and rules.

A good place to start?

Statue of Limitations in Nevada
Written Contracts: 6 years
Nev. Rev. Stat. 11.190(1)(b) (WESTLAW through 2001 Reg. Session and 17th and 18th Special Sessions of the 71st Leg.).

Oral Contracts 4 years
Nev. Rev. Stat. 11.190(2)(c) (WESTLAW through 2001 Reg. Session and 17th and 18th Special Sessions of the 71st Leg.).

Judgments 6 years
Nev. Rev. Stat. 11.190(1)(a) (WESTLAW through 2001 Reg. Session and 17th and 18th Special Sessions of the 71st Leg.).

Hospital Accounts
Effective Date: October 1, 2007
1. Except as otherwise provided in this section, an action against a person to recover payment for any amount owed to a hospital for hospital care provided to the person at the hospital must be commenced not later than 4 years after the date on which any payment that is due for the services is not paid.
2. The period provided in subsection 1 is tolled during any periods in which the hospital is awaiting a determination concerning eligibility for, or the amount of, benefits from an
insurer or public program and during any periods in which payments are being made.
3. As used in this section, “hospital care” has the meaning ascribed to it in NRS 428.155.
N.V. A.B. 247(Sec. 7) (2007)

The time in NRS 11.190 shall be deemed to date from the last transaction or the last item charged or last credit given;
and whenever any payment on principal or interest has been or shall be made upon an existing contract,
whether it be a bill of exchange, promissory note or other evidence of indebtedness if such payment
be made after the same shall have become due, the limitation shall commence
from the time the last payment was made. Nev. Rev. Stat. 11.200
(WESTLAW through 2005 73rd Reg. Sess. & the 22nd Special Sess.)
If a debt is days or minutes away from reaching six years
and a payment is made, the clock restarts.

** First, the Fair Debt Collection Practices Act prohibits any debt collector from falsely representing the character, amount, or legal status of any debt.

** Second, Rule II(A)(6) of the ACA Code of Ethics states members have a duty not to threaten or initiate collection litigation on time barred debts.

Another Consumer resource is "Ask Doctor Debt." It is a sort of "Dear Abby" for consumers with specific credit and debt questions.
"Ask Doctor Debt" is a completely free web site where consumers can find tons of information on credit and debt collection issues like the one we profiled in our story.
There is a staff dedicated to answering specific Consumer questions that get e-mailed to

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