When does statute of limitations start on debt

The statute of limitations clock starts ticking on the date of last activity on your account. Typically this is the date you last made payment, but it can also be the date you last used the account, made a promise to pay, entered a payment agreement, or even acknowledged liability for the debt.

How long before a debt is uncollectible in Missouri?

The statute of limitations of unsecured debt with a written contract is ten years, while that of a verbal contract is five years. Secured debt. This is a type of debt with collateral, e.g., mortgage and car loans. If the debtor fails to make payment in time, the creditor can possess the collateral.

How long before a debt is uncollectible in Colorado?

Statute of Limitations in Colorado\n\n In Colorado, the statute of limitations on debt is three years for written contracts, oral contracts, promissory notes, and open-ended accounts. Colorado is one of the few states where time limits for collecting debt are the same across every different platform.

How long before a debt is uncollectible in Arizona?

For closed installment accounts, the statute of limitations runs 6 years after the final payment date. For open accounts, such as credit cards, the statute of limitations begins 6 years from the first uncured missed payment, whether or not there is an acceleration clause.