Debt Collection
Does Iowa have a statute of limitations on debt collection?
My wife eceived a notice that a debt collection co. in Ohio is trying to collect a note from 1990 with a bank that closed in 1990.
Asked on 8/28/06, 2:36 pm
2 Answers from Attorneys
David Anderson
Anderson Business Law LLC
Re: Debt Collection
For written contracts, it's 10 years. Was it a revolving account or a note? Review of the paperwork would need to be done to see if the debt was validly assigned to the new creditor.
Call or write for assistance.
Answered on 8/28/06, 2:41 pm
David Anderson
Anderson Business Law LLC
Re: Debt Collection
You should be aware that if they are indeed attempting collection on an invalid debt, the collection firm may be liable to YOU for violation of the Federal Fair Debt Collection Practices Act.
Answered on 8/28/06, 2:42 pm
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