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Mahomes Capital Video Released

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Mahomes Capital Video

Who Is Mahomes Capital?

The Mahomes Capital video explains that life happens, and sometimes, debt is inevitable. You can avoid high daily compounding interest and save money for your future and family with a Mahomes Capital debt consolidation loan for your unsecured debt.

According to Mahomes Capital Review, with this one easy step, you can take control of your finances and save thousands throughout your loan. That money goes into your pockets – not to your lenders or credit card companies.

Debt collectors can be invested in getting you to make your payment, and rightfully so. However, they may still be at it for years on end. Getting a random call from your debt collector asking for your credit card debt can leave you puzzled. You may not even recall the details yourself. So, if you’re wondering how long this can go on till then, unfortunately, there is no straightforward answer.

While some states have a statute of limitations on debt, which, after they expire, can leave you free from being sued for non-repayment, many debt collectors can still try and collect an old debt.

So, what is debt collection, and how does it work? How long can it go on for, and what option is there for you on the table? Well, this is precisely what this article seeks to answer. Read ahead to learn more.

Debt Collection

Debt collection can seem like a complicated process, but it isn’t. In simple terms, debt collection is the process of money being collected by the creditor. It can begin within 30 days after the payment date has passed and the debtor has made no repayment. If the debtor is unresponsive and unable to pay back after 180 days, the creditor can sell the debt to an agency. This collection agency then gets down to collecting the debt. The creditor’s benefit from doing this is mitigating the risks of loss.

From here on, the consumer or debtor, i.e., you, are sure to start hearing from the debt collector. The payment stays the same, though; the only thing that changes in this process is the addition of a debt collector who is now responsible for collecting the debt.

Thus, to put it short, debt collectors are companies or organizations that collect unpaid debts for people who instead spend their time on productive activities than get behind faulty debtors. This is a cost-effective approach that most corporate companies use for delinquent accounts.

The Timeline – How Long Can This Go On Till?

This answer depends on the state laws and regulations. Debt collectors can even collect the debt from you after the statute of limitations has passed. This has increasingly become common today, however, if you find yourself being sued over a debt that rests outside the statute of limitations, you might want to bring this up in court. This evidence stating that the debt is too old to collect is what you want to be sure to present to the judge. Failure to do so may just push the judge to rule against you.

In addition, while this process is going forward, you want to avoid making any agreement with your creditor. This can reset your statute of limitations and give the creditor the legal right to push to sue you in court.

What To Do After You Have Been Pursued By A Debt Collector After Your Statute Of Limitations Has Expired?

To start you want to avoid accepting that the debt is yours if a debt collector inquires you about an old debt. Here is why this is so.

  • There may have been a mistake, as many old debts get passed from one collection agency to another. The debt may thus belong to someone with the same surname as yours.
  • Claiming the debt can reset your statute of limitations.
  • The call you may have received may be a scam. You do not want to give any personal details over the phone in this case. For this, it’s better to wait for a written document verifying your old debt.

You can send a cease communication letter to the debt collector as well. After this, you’re not going to receive any calls except for one confirming the arrival of the note at their office, and the second being a specification for the filing of a lawsuit.

Debt collectors can sue for amounts exceeding $5,000, but it can be done for a part that is less. In addition, the judgment on your credit card hardship report can be damaging. It can prevent you from taking a loan in the future. For this, you can get in touch with a law attorney and have the judgment removed from your records.

Payment After Your Statute Of Limitations Has Expired

When it comes down to making the payment after the statute of limitations has expired, the answer is a bit complicated. While some argue there is no need for this, others may feel otherwise. The moral obligation to pay is what many feel they ought to complete.

In addition, the impact on the credit score also plays an important role. Failure to pay a debt can show up on your credit card report, but most unpaid debts disappear from the account after 7 years. If it doesn’t, you can ask your credit bureau to have it removed.

Alternate Options – Debt Consolidation

So, what alternate options do you have? A debt consolidation loan is something you can look into if you have found yourself in a fix. You can consolidate the debt on your credit card into one with a lower interest rate. For this option to be effective, however, all of the proceeds from the loan need to be used to pay off the outstanding debt.

You can even do a balance transfer and transfer your old debt. Credit card relief programs can also work best here. Similarly, debt management plans are often opted for by consumers struggling to pay off a debt.

The Bottom Line of the Mahomes Capital Video

Debt Collectors are just doing what they are hired for. Their constant calls can be frustrating and a hindrance to your daily routine. They can also be stressful if your statute of limitations has expired. Thus, it is essential to keep tabs on your debt timeline and be timely with payments. In addition, stay up to date and vigilant of your rights when dealing with debt collecting agencies; you never know when it may come in need.

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