DBA Business Debt

Hi there,

I was informed that a DBA business debt isnt covered in the FDCPA but could be covered in the statute of limitations of my state. I am in missouri and this is a 11-12 year old debt that i have never heard from since that time. It was on a equipment lease that had my dba business name and my personal name on it.

How do i find the statute of limitations of my state and could i use a debt validation for this since it is so old?

Thanks in advance!

You have received some type of collection notice for this debt? Was that just a letter from a collection agency? There are large numbers of "junk debt" buyers who acquire expired debts and send out notices, just to see if they can get money. I would venture that you have a contract for this debt which would make the statute of limitations ten years from your default.

Thanks for the reply and info. You are correct, it is a collection agency. The more I think about this, i think the debt could be 12-13 years old. When they called me they "claimed" the original creditor was going to sue me and get a judgment against me if i didnt take care of this, i just told him i dont remember this and mail me the info.

I assume the 10 year SOL is also for any type of business debt too? If so, then a simple letter stating the SOL is run out should suffice and drop this?

Once again, thanks!

You may wish to look at the sample letter in this thread.

Hi there,

I just received validation from these guys, they also had a copy of a 1998 judgment the OC filed against me. The date of the original loan was 10-96. How would i find out the SOL for a DBA business debt and if there isnt any sol, is there anything they can do to me?

Thanks

You would look up the statute of limitations for this type of debt in your state. Laws differ by state.

Hi Aaron,

Thanks for the reply. heres what i did find..

Written agreement that contemplates the payment of money or property: 10 Years, (Mo.Rev. Stat. §5l6.ll 0). NOTE: Under certain circumstances, the contractual statute of limitations may be reduced to five years.

Open accounts: 5 years, (Mo. Rev. Stat. §5l6.l20).

Sale of goods under the UCC: 4 years. NOTE: The statute begins to run from the date when the breach occurred for contracts and from the time of the last item in the account on the debtor's side for actions on accounts.


now my follow up question is... does my "lease contract" fall under the UCC. i did find this under UCC...

Provides application of the UCC, subject matter, and general definitions.

Article 2: Sales.

Covers the sale of goods.

Article 2.A: Leases.

Covers the lease of goods.

I just want to make sure i am covered here before i send out my next letter to them.

Thanks again, appreciate it

Ok, i did find out the SOL does include business debt in Missouri, which in this case has run out but... i did have a judgment against me in April of 98 and the time frame on this is 10 years and is not renewable but it did say this.. Domestic Judgment: 10 years (renewable every 3 years)

so my question is does the judgment have to be renewed every 3 years to be enforceable with a maximum of 10 years total to collect or do they have 10 years from the time it was given. and if that is the case, my time is up in 4 months, what can this CA do to me in the meantime before this expires.

Thanks again, appreciate the help

A Missouri judgment expires after ten years, but may be renewed at any time within that ten year period. Missouri Statutes Sec. 511.370. Each successive renewal is good for three years. Missouri Statutes Sec. 511.430.

Thanks for the quick reply. Can this CA renew the judgment or does it have to be by the OC. And what should my next step be? Should i write them back stating i do not have any assets and do not have any extra income due to back taxes i am paying and see if that can get them to leave me alone or just ignore them and see what they will do next?

Thanks again