questions & answers

Question: I have a law suit filed against me from a debt collection agency for $700 the original debt on this was $300 they have added $400 in late fees now i have to file an anwser to the complaint to the court, and help with a few affirmative defenses?? i can use for this this is a compant that has bought the debt not orginal credit card co

Answer: Third party debt collections are largely governed by Federal Law, The Fair Debt Collections Practices Act (FDCPA) -see http://www.consumer.ftc.gov/. Under state law there are also laws that govern debt collections, The Unfair Deceptive Acts or Practices (UDAAP). Depending on the type of debt this agency is collecting on (ie. Medical, Loans, Credit Cards, etc.) each are subject to a statute of limitations. This means after a specified amount of time a debt can no longer be collected under the law. For example, in Arizona for a contract in writing the statute of limitations set on a debt where there is a written contract is 6 years – see A.R.S. §12-548.