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Video: Is there a statute of limitations on collecting debts?

The statute of limitations limits how long either a creditor or a debt collector has to sue on an account. This statute simply starts either when you fall behind on your debt or at the last payment of your debt. This statute varies from account to account, based on what type of account it is. If it's an account in writing, it'd be five years, and if it's an account of an oral agreement, it is four years.