![]() ![]() Promissory agreements are common for student loans and home loans. Promissory notes are a certain kind of written agreement in which the debtor agrees to back a loan over time with agreed-upon payments, dates, and interest. ![]() Written agreements are based on some kind of paperwork, typically a contract, that articulates the terms and conditions of payment. Oral agreements are based strictly on a verbal agreement with no supporting documentation. The statute of limitations for each state is further divided by the type of agreement behind the debt: oral, written, promissory, or open. Each state has its own statute of limitations, which is the timeline in which a creditor can take action against a debtor. Next, make sure your debt is not too old to be collected. If you plan to hire a collection agency and know you have incomplete information, be transparent about what information you do have and ask what skip tracing methods they would use. A debt collection agency can use a process called skip tracing to fill information gaps needed to locate a debtor, such as their address or phone number. Be sure to validate any information that only you can provide, such as the date of service of the balance owed. If you do not have all the information above, make a detailed inventory of what you do and do not have. Take the time to gather as much as you can about the debtor and your history with them. The more information you can provide, the stronger your claim will be. This information should be considered the bare minimum. An invoice or statement to validate the debt. ![]()
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