Legal Question in Credit and Debt Law in Missouri

Re: Debt Collection

Some companies have actually created a million-dollar industry doing just this. Cavalry Investments is one company that buys "distressed" debt that has already been charged off and written off by the original account holder. Then, sometimes outside the statute of limitations period, they contact the debtor with a demand that is six, seven, or nine years old, and threaten all kinds of credit damage if you don't pay.

In Missouri, the statute of limitations can vary from as short as three years, to as long as ten years on certain debts. Credit card debt can often be either five or ten years, again, depending on the type of account. If you have received a collection call or mailing from one of these types of companies, your best bet is to contact an attorney to secure a legal opinion on your obligation to the creditor. In no instance should you EVER send money until you talk to an attorney because sometimes that can restart the statute of limitations.

Good luck.